When cryptocurrency started to enter the mainstream, banks were not happy about it – to say the least. Cryptocurrency, with its decentralised nature, is an obvious threat to the well-established banking industry.
Some banks, supported by their countries’ governments, tried to dismiss cryptocurrency as nothing but a temporary fad. Some went as far as warning the public of the alleged dangers associated with using cryptocurrency.
Fortunately, there were others, which saw an opportunity in this new type of asset. Thanks to them, we now have an option to store cryptocurrency safely in a Swiss bank and maybe soon, will be able to hold it in our bank account, next to our dollars or euros.
Like a Swiss bank
It may be just a matter of time before cryptocurrency and fiat money share the same platforms. Being able to hold or trade cryptocurrency within your own bank, simply using internet banking, does sound like something that would appeal to many people. Storing and/or trading using a bank, does add a certain feeling of security. We are all familiar with various cryptocurrency exchanges that suddenly disappeared and while it does happen to banks as well – it isn’t as common.
The largest bank in Belarus, Belarusbank, could soon become one of the first banks to bridge the gap between banks and cryptocurrency exchanges. According to the bank’s chairman of the board Viktor Ananich, Belarusbank is exploring the possibility of setting up a cryptocurrency exchange.
Ananich expressed that digitisation is amongst the most important focuses of Belarusbank in 2019. The bank plans to release virtual, online credit cards and is currently working with various mobile carriers aiming at further expanding its services.
Ananich stressed that the banking sector should keep up with the quickly evolving digital industry to avoid lagging behind. Adding a cryptocurrency exchange to his bank does seem like a step in the right direction.
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