During money 20/20 conference, Bank execs noted that crypto is no threat to the banks
On the ongoing conference money, 20/20 international banks came to the conclusion that crypto is no threat to the banking industry. During panel presentations “Cryptocurrency, central bank question” representatives from the Swiss National Bank, the Bank of Lithuania, the Bank of England, and the Bank of Canada took turns responding to the question “Can cryptocurrencies spell the end of fiat currencies?
Bank of Canada executive James Chapman stated that cryptocurrencies are only a threat to fiat currencies in a “situation of hyperinflation”. Thomas Moser, an alternate member of the governing board at the Swiss National Bank, agreed with Chapman, adding that they are also a threat when a currency “is not performing well.”
Moser mentioned during the presentation: “cryptocurrency is very well tolerated in Switzerland so far.” The country, and in particular its Zug “Crypto Valley,” has been touted by some as an attractive place for crypto companies, due to its balanced approach to Initial Coin Offerings (ICO) and its status as a crypto tax haven.
What all participants agreed upon is the idea that, if the bank will support their clients with the best banking products, there will be no need to worry about cryptocurrency as a threat.
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