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Government Banks that are supporting cryptocurrencies worldwide


May 13, 2018 Posted /  2490 Views


Government Banks that are supporting cryptocurrencies worldwide

An overview of some of the banks around the world employing crypto.
 

The importance of the blockchain technology is understood by a lot of Financial Institutions along with the government of various countries. This is the precise reason why a lot of funding is being poured into the blockchain research and development field. Why blockchain Technology was considered to be fear for the banks, Many Central banks around the world have themselves adopted the blockchain technology to provide higher security and faster transactions to the users.

 

Germany for the first time witnessed VPE bank to start cryptocurrency based bank for their institutional investors. VPE bank of Germany in collaboration with the fintech firm SolarisBank had become first in the country to offer cryptocurrency based transactions to their users.

 

The public relations manager at VPE, Katharina Strenski, said that

"Until now, institutional investors have faced high entry barriers to crypto ‎trading. Our cryptocurrency trading services offer a much more convenient ‎alternative.”

"Cryptocurrencies such as Bitcoin, Litecoin, Ethereum and others have become a promising asset class in recent years," continued Strenski. "To date, trading digital tokens has been restricted to crypto exchanges and online marketplaces. We are pleased to be the first German bank to offer our customers cryptocurrency trading services."

 

On similar Grounds the Venezuelan President, Nicolas Maduro has founded the Youth Bank backed by the Venezuelan cryptocurrency Petro. According to a source, Telesur, the president fulfilled his promise of initiating a Bank for the students and youth. The bank started with 20 million Petros.

 

The cryptocurrency Petro was launched in February 2018 under the direct orders of the president Nicolas Maduro. The cryptocurrency is said to be backed by the oil reserves of the state. This move has widely been condemned to buy many nations as it is speculative to be a way to exempt themselves from the US-led sanctions against the Latin American countries. The president also revealed his plan of initiating another second cryptocurrency backed by the gold reserves of the state.


 

Even Japan has realized that the cryptocurrencies of the central banks have more impact on the society. Masayoshi Amamiya, the Deputy Governor of Japan's central bank is of the opinion that a cryptocurrency led by the central bank will be of more convenience to their citizens.

 

He put forth his views before the International Monetary Fund as well as Japan's Financial Services Authority that this would enable the small scale industries as well as the household people to access the central bank accounts easily. Even put forth is used that the central banks should keep up with the latest innovation and Technology is in mind and must keep updating themselves in order to provide their users better facilities.


It is no doubt that the cryptocurrency based banks will surely provide the highest security, faster transactions and also a lot of convenience to its customers. Hence more and more banks of various countries should come forward and adopt the cryptocurrencies.


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Tags: VPE bank banks cryptocurrency

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