Banks are adopting cryptos — and keeping it a secret for now

Source: https://www.publish0x.com/introduction-cryptocurrencies/financial-institutions-are-now-adopting-cryptocurrencies-xzwpdm

Don’t be fooled by silly JP Morgan talk of 12 months ago about how Bitcoin is bad etc... the banks, IMF, Central Banks and now the G20 are days away from announcing regualtions which will change banking over time..

What will the banks adopt? Will there be a new system to replace SWIFT (interbank international transfers) — 100% yes. SWIFT is slow and costly. XRP (Ripple) is 30-50% LESS expensive than SWIFT. Banks of all kinds have been testing XRP and some have even suggested their own Bank coin. Which will win?

What we do know is that banks will look much different in 5 years. I suspect they will be a bridge to help customers move to digital assets. We will see many firms that are “not banks” today getting into cryptos and essentially some level of banking — look no further than the huge Facebook announcement,

I think we will have intense competition from the banks to retain control and that will come down to services and costs. If you cost more to do business with, there will be many options fro customers. Especially, the younger generation wil have no fear to move to crypto wallets and a new way of doing business.

There may be a generational transition, but the old way of doing banking is going to change. From Central Banks to the IMF and more, it will change.