Banks has no future without crypto
How have you ever wondered what would happen when currencies become decentralized and we all move digital by doing all the transactions only online and also through crypto? I have always wondered what role would banks play during such instances. It can be a tough time for Banks to adapt if something like that happens. It can even be hard to imagine such a situation. Only clever people would exit the bank and move to keep the funds in one of the decentralized places.
This is why I think the bank has no future without crypto. Already many banks have been doing overseas transactions in the last few years with the help of cryptocurrencies. We cannot completely ignore cryptocurrencies by saying that it is a technology that should not be encouraged. But I personally think that it has made transactions faster for banks and at the same time, they also make things easier and more comfortable for bank account holders as well.
We are still not very clear about what the government is going to do here. But I'm sure the government would have thought about something and would want to encourage banks to start using cryptocurrencies with enough restrictions in place. maybe the government would ask the banks to provide proper data to them based on whatever transactions happen. That's one type of regulation it can bring otherwise if they start hating cryptocurrencies continuously, they might end up losing a good business market here.
In India, one of the biggest problems is that there are not many government officials and big people who know well about cryptocurrencies. There are people who are using crypto in their day-to-day life but the government who should be knowing this should take some initiative to understand this and make use of this technology. I understand there can be some bad consequences as well if they loosen things. But maybe they can think like other developed nations and try to bring more regulations to make it easier for both people as well as the government.
In the crypto world, some projects are offering over 15% APR from investments. We wouldn't even get half of it if we invest in any fixed deposit schemes. If it keeps going like this, I'm sure people would be willing to keep their money on the internet instead of banks. On the internet, if they keep the money in their wallet, there is a high chance that they would recover their wallet back if they are connected from another part of the world. Government officials or any private parties will not be able to find out about anything.
Currently, banks are offering only 6 percent interest for deposits. If the cryptocurrencies can give more than 15%, I'm sure people would be willing to go and invest only in cryptocurrencies, and even if they have to pay taxes for their earnings, it wouldn't be much and the outcome would be a lot more than what banks would offer us. This is something the banks should consider and start doing something about it. It is childish to go against cryptocurrencies and blockchain technologies as other countries have accepted this and have been moving at a rapid rate.
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