Cryptocurrencies seem to be very much like alien invasion schemes, as seen in the movies. Many crypto literates, traders, enthusiasts, and investors now shy away from saving money in banks these days. People are channeling their hard-earned cash to investing in cryptocurrencies while they sit back and watch their interests accrue. It’s the wise thing to do in relation to just having the money sit in the bank.
So the growth in the market size and value has changed a lot in banking dynamics, and banks can testify as this is reflected in their customers’ saving patterns. We never wonder if this affects the banks and if they may be trying to own the situation or somehow control it.
The conclusion may be a bit hasty for now, but the bank’s decisions to allow digital currencies for its customers only show its stand. While some governments and banking sectors in certain countries are vehemently against digital currencies, UK banks and some other countries are making plans to allow it and make the experience a smooth one for their customers.
Are Banks Trying to Control Cryptocurrencies?
Well, this is still unclear as the motives to allow digital currencies seem very honest. The crypto world is a big one, so a better question will be if the world of cryptocurrencies can be regulated. Simply put, it can not be controlled. The banks are caged when it comes to this cause; even the creators of cryptocurrencies cannot tame the market.
However, what the bank can control is the exchange rate. There is little they can actually do. Perhaps, this could be the reason for their acceptance and support of digital currencies.
Is the Action of the Bank in the Interest of Everyone?
The banks are currently gathering information to effect this into their policy. Maybe this will serve as a form of guidance and reduce the rate of uncalculated and ignorant investment made by not so knowledgeable enthusiasts.
Although, this would not affect the pace of the market. It cannot change how volatile the market is, neither can it influence the market drivers.
In the long run, it seems like a good number of citizens will consider this a welcome development and give in to the policies once they are implemented.