Despite some of the bad press that cryptocurrency, and bitcoin in particular gets, we’ve seen tremendous interest from many traditional financial institutions and investors. The driving force behind this interest isn’t so much the cryptocurrencies themselves, as it is the technology that the industry is built on – Blockchain technology.
If asked the question “are banks actually considering blockchain technology?” The answer is yes, they are.
Concerns are growing as to whether tether (USDT), the stable token pegged to the dollar, is backed by actual U.S. dollars. And recent scrutiny by U.
The cryptocurrency marketplace in India is facing a siege from multiple parts of the government as several incidents amount to a buildup of the Narendra Modi–led government’s actions on regulating cryptocurrencies. If the reports out of India are true, the IMF’s “fastest growing country among emerging economies” may have to meet its 7.
A video every bitcoiner should watch is Andreas Antonopoulos’ “Money as a System of Control.” In it, he shows us how money is being used to control those who send and receive it and to surveil transactions all over the globe.
Plus, he exposes how big of a fraud the banking system really is.
Companies that handle digital currencies are being forced to open bank accounts elsewhere as British banks continue to shun them.
Investor interest in digital currencies has surged this year with bitcoin’s price rising to a record high of $6,200 over the weekend, pushing its market cap to $102.8 billion. Yet, despite this traditional banks remain weary of the market.
The Royal Bank of Canada’s CEO has said that he would never call bitcoin a fraud, but he admits he does have ‘real concerns’ about the currency.
Banker David McKay said:
I would never call it a fraud because it’s not misrepresenting what it is. People have placed value on what it is in different ways and they’re fine to do that, but it’s not fraudulent in its misrepresentation.
Earlier this week, two local bodies representing the local financial technology (fintech) industry have revealed that Singaporean banks have denied banking services to bitcoin and blockchain startups.
Singapore’s Cryptocurrency and Blockchain Industry Association, or Access, submitted a formal complaint to the Singaporean government, requesting officials to step in and create a fair and transparent environment for fintech companies.