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New cryptocurrencies threaten banks in terms of payment transfers and consumer accounts.
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Financial ministries don't trust the cryptocurrency system because of the lack of structure and regulation.
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The bank said it is also looking at using the technology for other purposes.
The rise of cryptocurrency exceeded all expectations, and despite its volatility, banks are aware of it. Cryptocurrency investors should be prepared to lose all their money, bank of england governor says published fri, may 7 2021 6:03 am edt updated fri, may 7 2021 8:10 am edt ryan browne @ryan_browne_ Are the banks really the enemy of cryptocurrency? According to the business insider in 2017 alone new cryptocurrencies raised more than $3.5 billion in initial coin offerings. Are you willing to risk your wallet? Bank of england is the second most oldest bank of the world established in 1694 and is the model on which most modern central banks have been based. Many banks are still resistant to bitcoin. Are the banks really the enemy of cryptocurrency? Are the banks really the enemy of cryptocurrency? Some of the biggest economies are pushing back, including china and the fed. 3 banks that have big plans for blockchain and cryptocurrency all of these banks are creating payments systems and/or lending products that cater to institutional investors in the crypto space. Since banks want to limit the growth of the cryptocurrency market, it's in their interest to see regulations that are as restrictive as possible. However, it also threatens the banks' investing arm.
