Many people believe that cryptocurrency will "kill" banks, but it might also be a compliance opportunity for them.

I just saw this article and I was thinking about how banks and crypto can work together.Since the first merchants in history, banks have existed in some form. They became the religious ruling elite, which evolved into the privately owned and government-subsidized enterprises that we see now today. And as we all know, banks have monopolies over people's money.And they're doing a great job at it too. This is a record profit every year, paid for with your money. Banks have unlimited cash at their disposal. Nobody is a crypto expert, but everyone has money in a bank, and it's generating bank record profits quarter after quarter.Meanwhile, crypto is providing people with a new source of income. Banks despise this since it has a direct impact on their company, affects their enormous monopoly, and reduces their profit margins, among other things.Cryptocurrency and DeFi are not intended to destabilize existing banking, but rather to drive banks and established financial institutions to adapt and compete in an ever changing market.This can assist banks in escaping the dark ages, dismantling monopolies, and attaining financial independence and knowledge.The way I see it, Banks will never go out of business. Cryptocurrency has the potential to revolutionize the way banks work.

Submitted January 04, 2022 at 04:12PM