Banks News

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.

Newsletter
New developments at the state level in the U.S. defined this week's regulatory news.
Law Decoded: E Pluribus SHA-256
Kollen Post
2020-09-18T19:05:18+01:00
2753
News
Despite the COVID-19 pandemic, banks are reluctant to suggest alternative channels to their customers, says report.
Mystery shoppers reveal that banks are struggling with COVID-19 response
Michael Kapilkov
2020-09-18T18:35:32+01:00
2646
Opinion
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...
Debt without consent: The tragedy of monopolized fiat money
Jeffrey Wernick
2020-09-18T14:00:00+01:00
2420
News
Top financial services experts continue to join the Libra project.
Libra appoints HSBC veteran to manage crypto project's operational wing
Marie Huillet
2020-09-17T12:08:00+01:00
4671
News
FinCEN is preparing to modernize its AML requirements for financial institutions to greater respond to the dynamic threats posed by “illicit finance.”
FinCEN announces sweeping money laundering regulations overhaul
Samuel Haig
2020-09-17T06:21:04+01:00
5109
News
New money transmitter licensing promises to roll 40 states into a single exam and license.
UPDATED: State-by-state licensing for crypto and payments firms in the US just got much easier
Kollen Post
2020-09-15T14:54:00+01:00
4127
News
The Swiss arm of Russia’s largest bank is exploring blockchain-based trade finance.
Russia’s largest bank joins blockchain trade finance platform
Helen Partz
2020-09-15T12:17:50+01:00
9774
News
The DAML smart contract language is getting more popular.
BNP Paribas connects to major stock exchanges with DAML smart contracts
Helen Partz
2020-09-15T09:00:04+01:00
4454

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