Is the Future Cryptographic?
U.S. giant bank to launch cryptocurrency services amid customers’ interests
Citi bank, one of the greatest banks in the United States, has considered moving into the crypto market. This is according to the bank’s head of global foreign exchange, Itay Tuchman.
In his report, Tuchman man cited an accumulation in interest from the bank’s clients as a catalyst to the decision.
This comes barely months after Citi bank’s top analyst Thomas Fitzpatrick predicted Bitcoin could go beyond $ 300K by December 2021.
However, despite this decision, the bank maintains it will not make any rush into the crypto trade.
Other banks take
The decision by Citi bank to adopt crypto services has seen other financial institutions prepare their plans to enter the crypto race. Some are already in the race.
For example, The National Corporation of India (NPCI) a payment system owned by the Central Bank of India recently declined to ban cryptocurrency transactions in that nation.
Experts in India now insinuate that the government has no option other than legitimizing and regulating cryptocurrency transactions.
“Just like you cannot ban porn, you cannot ban cryptocurrency” Ratan Sharda, a senior India nationalist said.
Kazakhstan central bank is also another bank that is on record reportedly planning to move to digital currency, a migration that will adopt a new legal tender known as ‘digital tenge.’
The central bank is only yet to research the mode of this digital currency distribution, risks, and the advantages associated with its trade.
What this means for the future of cryptocurrency
The move by various large financial institutions to adopt crypto has created mixed reactions in different parts of the world. While some people view it as a savior from current financial woes, others maintain cryptocurrency is a threat to financial stability.
A recent market survey by A Federal Reserve showed that many people who were on the contrary opinion of cryptocurrency associated it with many problems.
However, could the financial institutions’ involvement be a sign that the future is cryptographic? Perhaps it is.