The Federal Reserve Bank has been exploring digital currencies to modernize the U.S. payments sector.
While one of the goals of cryptocurrencies is to render traditional banking obsolete, banks as a financial institution still play a critical role in the advent and adoption of the emerging crypto economy in two ways.
Firstly, outside of a physical cash exchange for cryptocurrency, banks provide the fiat bridges to cryptocurrency markets. Without them, the influx of capital and interest in the blockchain industry would be nowhere near the magnitude it is today.
Secondly, many of the world’s leading banks are researching and, in some cases, developing their own central bank digital currencies, or CBDCs, which aim to secure hegemony in the digital asset space largely in response to the growth of the crypto economy.
As digital finance evolves before our eyes, banks as a commonplace financial organization may change drastically in their role and purpose in society — even if it leads to obsolescence.
Cointelegraph recently hosted a YouTube panel discussing brokers and banks involved in the crypto industry, based on a report from CV VC and PwC.9056
Stablecoin runs could occur if users lose confidence in the issuer or its network.6854
Banks cleared over $2 trillion in "suspicious" transactions. How did crypto fare in comparison?5077
Federal banks in the U.S. see new capacity to provide services to crypto firms, specifically stablecoin operators.17918
Before trying to apply blockchain to anything, think why.6970
Bitcoin grapples with $11,000 as money laundering engulfs the banking sector again and coronavirus spoils stocks sentiment.15009
We are at the start of some big changes in the financial world, and by combining DeFi and CeFi the transition to the future would be faster.5435
New developments at the state level in the U.S. defined this week's regulatory news.3665
Despite the COVID-19 pandemic, banks are reluctant to suggest alternative channels to their customers, says report.3564
Why the government should make a monetary transition to Bitcoin, and the problems that cryptocurrency would help solve, such as preemptive war and national debt.5027
Top financial services experts continue to join the Libra project.4867
FinCEN is preparing to modernize its AML requirements for financial institutions to greater respond to the dynamic threats posed by “illicit finance.”6436
New money transmitter licensing promises to roll 40 states into a single exam and license.4306
The Swiss arm of Russia’s largest bank is exploring blockchain-based trade finance.10080