20190910-What Do Banks know About Crypto?


Crypto Viewing (What Do Banks know About Crypto?)

Someone asked Dick why Barclays Bank cut tied with Coinbase recently?   Don’t they know the importance of crypto?

Dick answered:

-Barclays doesn’t want to be caught flat-footed in crypto.   Barclays not only knows crypto, it is a few steps ahead of us. 

-Coinbase is worried about Brexit which might cause financial turmoil in Britain in regards to bank transactions with crypto.   Coinbase doesn’t want to take a chance.

-Coinbase is led by Digital Currency Group which competes with other big banks.

-Major banks are all taking part in adoption of crypto currency in different ways.   Digital Currency Group is doing it via Coinbase and a network of 60 companies and banks in the US.    OMG, an Asian banking conglomerate, forms its network in Asia for payment and retail using crypto.

-Banks are coming up with their own solutions and are sponsoring their own solutions.

-Barclays is deep into blockchain technology and plans to use it for processing and products.  They are 10-12 years ahead of the rest of the world.

-Without telling you this, Banks already put you under international laws.   If you go thru the process of KYC and AML (anti-money laundering ), you already have a digital ID.   You are being placed in the AML international database.

-The banks want the money to be internationally standardized.   To do that, you provide your digital ID by way of KYC and AML.   This is how you put yourself under international law with a digital identity.

-AML is an international standardized process.  It’s administered by IMF, the World Bank and UN.    So when you buy crypto on an exchange , you submit your ID, you already submit to the IMF, the World Bank and UN.

-When nations fail, the banks are going to take over the control and guidance of commerce. 

-Some banks will not survive.  Banks will be consolidated.   We are seeing that already.

-Your legal ID with your banking info and address is registered.  They have your picture and will gather more biometrics data.  Other data will be added to your file, medical records, properties, web browsing history, social media comments, social media score….   Everything will be tokenized.  

-You will have the freedom to choose which token or platform that you want to use for your daily interactions.

-All the banks, Barclays, Deutsche Bank, Commerce Bank, Post Bank, Santander Bank… they are all gate keepers for the coming industry standards.

-In their blueprint, First, the world will be operated under regions before governments fail.  We will have regional gatekeepers with different regulations- Coinbase, Barclays, Omisego…   In the beginning, they will fight over who controls what region.  But overtime, it will be harmonized.

-Banks like Barclays knows more about cryptos than you can imaging.  Banks like Barclays are trying to figure out how to position themselves in a retail way and move themselves to the next level of operations using blockchain technology.

-The banks will be there when the nations fail.


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