Bank of International Settlements NOW Says Crypto is a Threat to Banks

[wry]

... but it's not in the fun way.  When I read the headline I was like, "Hell, yeah!"  about time they woke up to the possibility of everyone being their own bank and not needing their candy ass banker asses any more (sorry, just watched a Rock clip).  However, it was much more of the Bitcoin and crypto as boogie man type situation where crypotassets can be used to launder money and finance terrorist activities and banks need to manage their exposure to crypto carefully to "mitigate risks".  Of course in the same page where they are attacking crypto assets as not being able to be a store of value or medium of exchange (which is obviously up to people to decide for themselves!) and somehow simultaneously an existential threat.

Ugh, I am so sick of bankers.  Last year they said Bitcoin wasn't a threat because "transactions are slow and costly" and NOW cryptoassets are somehow a threat to the banking system.  Amazing how something that gives you freedom is now supposedly a threat to freedom!

Anyway, I am so tired of the BS from bankers.

Link to story:  https://www.coindesk.com/https-www-coindesk-com-cryptocurrencies-pose-risks-to-banks-and-financial-stability-warns-basel-committee

Direct link to the Bank of International Settlements statement:  https://www.bis.org/publ/bcbs_nl21.htm

[KiXxnTRiXx]

lol, its threat to them because they are not able to monopolize it like they do now with paper money, local currencies.. banks are crooks.. ive said many times, banks are owned by corporations that sole purpose is greed.. nothing is never enough, and no one is ever spared.. they see anything that they cant control, manipulate or own as a threat to their greedy agendas.. they can go eff themselves..

[jamesbond]

In India banks have disabled accounts of crypto related exchanges or persons who have any transactions related to crypto.  Crypotos are still not illegal, but they are also not accepting it as legal too as calling it as a not legal tender.  Banks are not supporting any firm which involves crypto and these kind of news gonna make crypto future in India more worse in coming days. 

[wry]

4 hours ago, jamesbond said:

In India banks have disabled accounts of crypto related exchanges or persons who have any transactions related to crypto.  Crypotos are still not illegal, but they are also not accepting it as legal too as calling it as a not legal tender.  Banks are not supporting any firm which involves crypto and these kind of news gonna make crypto future in India more worse in coming days. 

Yes, I think this is exactly how governments will restrain the growth of crypto.  They really can't outlaw it, there are coins that are even more anonymous than Bitcoin, but they can crack down hard on the places where crypto and their national currencies are exchanged, like banks.

It's a shame.

Of course, India repudiated their OWN currency a couple of years ago in a failed effort to reign in "black money" that was supposedly aiding criminals.  The entire country had to exchange their paper money in a huge effort that lasted a few months and caused all sorts of trouble and havoc and didn't to much to hurt crime and corruption, though I believe many Indians are now a lot more comfortable with payment apps.

[skillex]

7 hours ago, wry said:

w simultaneously an existential threat.

Ugh, I am so sick of bankers.  Last year they said Bitcoin wasn't a threat because "transactions are slow and costly" and NOW cryptoassets are somehow a threat to the banking system.  Amazing how something that gives you freedom is now supposedly a threat to freedom!

It really disgusts me those banks who keep on badmouthing about crypto. Why the hell do they care for us investors to invest to crypto where infact its our own money. Why dont they just mind their own business. God they sucks.

[williamshennie9]

8 hours ago, wry said:

Anyway, I am so tired of the BS from bankers.

 

Many of the banks in my country seemed to not view bitcoin as a threat, but invested large sums of money into research on the blockchain technology to optimise their service (and get more clients). I think it depends on the attitude of management and the direction they want to lead the business in. They can either embrace the new technology, and study it, or can try shut it down asap and hope people don't catch onto it.

[blueprints]

Havent they always seen crypto this way just from crypto being decentralized alone. Thought i think its wrong to see it as a threat. They should be looking at crypto as more of competition. So that they can improve themselves and possible make banking better then btc 

 

Atleast thats what they should be aiming for. 

[bmg]

Sounds to me like banks need to make up there minds.  So wishy washy.  Is it a threat or not lol. 

[Kate]

If it was a normal bank but this a bank which controls settlements lol. Can't really believe that they actually believe this shit

[Etude]

The big banks are as always so worried of their self interest first rather than the future or convenience of people as to be expected.

[MoonSong]

On 4/23/2019 at 3:49 PM, pras111 said:

crypto is a threat to them because they can't manage the system the way they want. Therefore they made it look as if crypto was ugly in the eyes of the world. Even though many people who were initially poor then became rich because of knowing crypto. 

Is this the threat to banks or what do you mean?

[vaname]

the bank will see crypto as a threat because if many people make transactions using crypto.
it really irritates them because there will be less interest in people who transact using banks and also he always makes bad news about crypto with the public purpose only knowing if crypto is a crime. and banks will really like if the crypto price drops and people will prefer to transact using it. banks will not be able to make the financial system they want if more people transact with crypto so banks always issue bad news.

[Shaniqua]

exactly ^ I think you are right in a sense vaname, as more people use crypto to transact, the less people use banks and thus dont pay the fees that they would have otherwise

which loses the banks and card companies money in the end

[MoonSong]

On 5/7/2019 at 7:40 AM, vaname said:

the bank will see crypto as a threat because if many people make transactions using crypto.
it really irritates them because there will be less interest in people who transact using banks and also he always makes bad news about crypto with the public purpose only knowing if crypto is a crime. and banks will really like if the crypto price drops and people will prefer to transact using it. banks will not be able to make the financial system they want if more people transact with crypto so banks always issue bad news.

I will tell you more, banks use crypto for their transactions ahah