The world of banking is about to receive a real wake up call. Some of the commercial banks in Sweden are starting to question the e-Kona and how it will affect them. If there is a digital currency offered complete with a wallet system, where do the banks stand? It is a valid question, one that we in crypto have known was coming.
In this video I first discuss what needs to be done if we are to attract the displaced users from Twitter and Facebook. It is a lot more than just inviting people to join us. Also, I delve into the commercial banks and how the crooks are now under attack themselves.
▶️ 3Speak
If the central banks do so, then I agree the smaller banks will be destroyed. I do believe the bigger banks will not be destroyed (as crooked as they are) because they are the ones that manage the bonds (at least in the US). So unless there are major changes to our financial systems, the bigger banks will probably not die. However, they will have to adapt to the new system and decentralize. The only thing I wonder is whether the fractional reverse banking system will stay or not. If we decentralize, I believe we would most likely get rid of it to an extent (can't transact with what you don't have).
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What if Big Tech starts to take over?
Also, we could well see Bitcoin operate as the foundation for bonds and other debt instruments.
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If big tech takes over, I do not think much will change. In fact they want things to be deflationary (borrow as much as they can at the lowest rates) to grow as big as possible. Maybe after they gain enough power, there will be a battle between the banks and the big tech corporations on who controls things. In the case the big tech corporations succeed, I believe they will introduce their own digital currencies and push them on the public as much as possible. Overall, not much will change in my opinion.
And so they should as the financial worlds moved to decentralization and the middle man is losing ground. I see more and more people around me wanting to become debt free and not be involved anymore with the banks and that is normal considering the financial instruments in the DeFi space. Some with risk, others with less, but the idea is that you are involved directly and can access better revenues.
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Yes unfortunately in this instance, it is not the elimination of a middle man but a new one in town. Big Tech is stepping in as the gatekeepers.
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we shoould need to worry then if the banks are scaried
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Not just in Sweden, other in countries as well. This is a real concern for them.
I just saw in the news that in my country (Romania) taxman will have access to every bank account. Up until now they had access in case of suspicion of fraud or related. Now they don't need a reason. How is that for decentralisation?
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CBDCs are about centralization, not decentralization.
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I was referring to what I wrote about banks in my country, not about CBDCs.
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Incidentally, what you are talking about in the first segment is very close to what TalkingPoint was supposed to be.
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