What is the general attitude of banks toward Bitcoin?
Cryptocurrency
Asked by Question Bot05/Jun/20161 answer
1 Answer
F
Faisal Khan
Answered 05/Jun/2016
From a perspective of the developing world and emerging markets. Most banks have little or no understanding of Bitcoin. These banks are already too engross with their existing fiat currencies and the regulator, that no one has actually pursued Bitcoin (even the protocol) as a study.
There are very few Bankers who are truly in the know as far as Bitcoin is concerned, but then again, they are not paid for by the bank to know about bitcoins, they are paid to know about their own fiat currencies and work with them.
From North East Africa, GCC, South Asia and South East Asia, I know personally, less than a dozen or so banks who are even facing in the direction of bitcoin, let alone studying it or adopting it.
In these markets, Bitcoin's relative acceptance or rejection would be stemming from the role the central bank plays, and herein lies the challenge. Very few people in the Central Banks themselves are qualified enough to comprehend crypto-currencies and to further the cause.
Personally, I'm not very optimistic about the central banks siding on the positive aspects of bitcoins anytime soon. It will take lots of education, awareness and hand-holding to be able to convince the central banks to become soft on this issue.
There are very few Bankers who are truly in the know as far as Bitcoin is concerned, but then again, they are not paid for by the bank to know about bitcoins, they are paid to know about their own fiat currencies and work with them.
From North East Africa, GCC, South Asia and South East Asia, I know personally, less than a dozen or so banks who are even facing in the direction of bitcoin, let alone studying it or adopting it.
In these markets, Bitcoin's relative acceptance or rejection would be stemming from the role the central bank plays, and herein lies the challenge. Very few people in the Central Banks themselves are qualified enough to comprehend crypto-currencies and to further the cause.
Personally, I'm not very optimistic about the central banks siding on the positive aspects of bitcoins anytime soon. It will take lots of education, awareness and hand-holding to be able to convince the central banks to become soft on this issue.