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After unsuccessful attempts to eliminate crypto, banks are embracing it slowly

 


Ever since cryptocurrency made its presence in the financial world, it paved some kind of insecurity in the traditional banking system. The new digital money posed a big competition to banks. As per the whitepaper of Bitcoin drafted by its anonymous founder Satoshi Nakamoto, unlike fiat currency, the user would be having ownership of his/her money. There won’t be any control or interference from the central authority like banks and even the government. 


But it seems banks could not digest the rising wave of new digital money technology. That is why attempts were being made to cripple the growth of cryptocurrency by controlling it. Seven years ago in New York, the regulators were finding ways to monitor the foremost cryptocurrency Bitcoin. Major banks at Wall Street also doubted that the regulation of digital currencies would also lead to their legitimization. And this would cause a threat to the monetary industry. 


Bitcoin once called ‘terrible’ store of value by Jamie Dimon


The insecurity among the banks caused by cryptocurrency heightened so much that chief executive of JPMorgan Chase, Jamie Dimon even termed Bitcoin as a terrible store of value and was best referred for unlawful motives. 


Embracing cryptocurrency


The banking industry tried hard to cripple the growth of cryptocurrency but failed. Now instead they are embracing the new digital money technology for their own profit in some ways. JPMorgan is an example. The investment company came up with the launch of its own cryptocurrency two years ago. People around the world do investment in bitcoins with great interest.



Cryptoknowmics

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