These days all centralized financial institutions are in worry and they always try to ban Cryptocurrency hence i decided to know the exact reason behind it. In fact i am thinking about it since four days why Banking sector makes difficulties to access Cryptocurrency through it? In a recent news here in India the Boss of all banks warned to all banks that please stop any transaction of cryptocurrencies from the account. Usually bankers says that it is illegal and this digital cryptocurrency is used in money laundering by drug smugglers or terrorist organizations. however this statement is only for innocent people or for those who doesn't know a bit about Cryptocurrency. Actually wiring this type of statement they try to convince their customers so that they don't engage themselves towards Cryptocurrency.
Whereas the persons who knows about Cryptocurrency they always try to invest in it or try to earn it by any visible way.
Now coming to the point and my thought why bankers or centralized financial institutions hate cryptocurrency at all? There could many hidden reason but i have some of them clearly and those are ahead...
Centralized financial system is actually a business organization like a corporate company and they have only one intention and that is make more money using their sackers money and they always try to convince their customer to hold their cash in account for long term so that they can use that money in various forms such as providing Loan to others and can earn interest from it. If all account holders of any bank transfer all money in their cryptocurrency wallet to purchase cryptocurrency then the bank will get shut permanently or their income will be stop for ever.
Governments are with bankers because they are unable to trace the cryptocurrency working style and also unable to fix tax percentage for cryptocurrency investors because they don't know how cryptocurrency is working? Also government can loss the tax amount whichever comes from banks if all account holders start investing their money in cryptocurrency.
I think bankers are ok with their decision or statement because no one want to face any loss from their business but they can not stop withdrawal and deposit to and from crypto exchange for their account holders anyway anymore because it is illegal, However they can fix some withdrawal or deposit tax and from it they can earn a lot too. If bankers or Government together make a plan or protocol then both (Cryptocurrency or bankers) can grow regularly. Actually bakers has been habituate to earn more money without investing from home hence they don't want to invest in blockchain technology or they don't want to fix a technology with cryptocurrency exchange.
I think in next decades all centralized financial insinuation will move towards blockchain technology and they will surely get attached with crypto exchange openly. As per news there are some banks who are supporting their customers in investing cryptocurrency or they have allowed their customers to access freely their account to invest in crypto wallet.
I hope my guess will true ahead...
Thanks
