Without cryptocurrency, banks have no future.
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.
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This is why I believe that without crypto, the bank cannot survive. With the aid of cryptocurrency, numerous banks have already conducted international transactions in recent years. By claiming that cryptocurrency is a technology that shouldn't be supported, we cannot entirely ignore it. However, in my opinion, it has sped up bank transactions while also making life simpler and more comfortable for those who have bank accounts.
What the government will do in this situation is still unclear to us. However, I'm certain that the government would have given it some attention and would want to encourage banks to begin adopting cryptocurrencies by putting in place sufficient regulations. Perhaps the government would ask the banks to give them accurate statistics based on all transactions. That is one form of legislation it can enact; alternatively, if they continuously come to despise cryptocurrency, they risk losing a lucrative market for their products.
One of the main issues in India is the dearth of government officials and influential figures who are knowledgeable about cryptocurrency. Although some individuals use cryptocurrency in their daily lives, the government, which should be aware of this, should take steps to comprehend and utilise this technology. I am aware that if they loosen up, there can also be negative effects. However, perhaps they can adopt the mindset of other industrialised nations and attempt to enact additional rules to ease the burden on both the populace and the government.
Some cryptocurrency businesses are promising investors an annual return rate of above 15%. If we invested in any fixed deposit programmes, we wouldn't even receive half of it. People would likely be willing to retain their money online rather than in banks if things continued in this manner. If people maintain their money in their wallets while online, they have a good chance of getting their wallets back if they connect from a different area of the world. There will be no way for government representatives or any other private parties to learn anything.
Banks are currently only paying 6% interest on deposits. People would be prepared to invest only in cryptocurrencies if they could yield returns of more than 15%. Even if they had to pay taxes on their gains, they wouldn't be significant, and the net result would be far higher than what the banks would provide. The banks should take this into account and start taking action. To oppose cryptocurrencies and blockchain technology in light of how quickly other nations have adopted them is stupid.