Cryptocurrency is the "future of finance," said global banking leaders who all agree that digital coins and blockchain will soon shape society and integrate with the current financial infrastructure of the world. The fintech industry is taking a step towards digital currency while slowly accepting blockchain transactions in different ventures.
The coalition of this shared statement took place at the Global Financial Leaders' Investment Summit in Hong Kong, where leaders in the fintech industry came together and expressed their sentiments.
Cryptocurrency Helps Shape the Future says Global Bank Leaders
(Photo : PETER PARKS/AFP via Getty Images)
According to a report by the South China Morning Post, the recent summit in Hong Kong brought together financial leaders in the world, and some of the top names gave high regard for cryptocurrency in their panel discussion. Cryptocurrency is helping shape the "future of finance," and it is a statement that banks supported in their recent regards.
The theme for this year's Global Financial Leaders' Investment Summit is "Navigating Beyond Uncertainty," centering on the present focus and the state of today's financial ventures.
The summit follows the post-pandemic actions and ventures which put the world in a different perspective now, fighting against inflation and other problems present in society.
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Blockchain Integration Among Top Banks in the World?
Banks in the panel discussion include JPMorgan Chase & Co., HSBC, BlackRock, and Standard Chartered who all agreed on how cryptocurrency is shaping up the financial industry as we know it. Moreover, some of these banks are looking into blockchain integration for their services, with JPMorgan already recognizing the fame of Bitcoin, internally.
Cryptocurrency and Blockchain for Banks
Banks and other financial institutions first denounced cryptocurrency and blockchain as they are filled with uncertainty, especially as it is prone to hacking and fraudulent transactions that may not be tracked. However, even banks now center on delivering their cryptocurrency, and one example is Brazil's Nubank which will launch one in 2023.
The Nucoin cryptocurrency is one of the earliest bank integrations which came from a financial institution that centers on traditional financial ventures to create a cryptocurrency for the world.
On the other hand, banks are already employing or on the verge of delivering a cryptocurrency service for their customers to utilize, something that would help in their offers and use in the growing trend now. One bank from Germany, N26, recently opened its bank for a digital coin integration, something that may help them amidst their decline in the market.
The global banking leaders with the likes of JPMorgan Chase & Co., HSBC, Standard Chartered, and BlackRock have spoken, and it means a lot for the crypto industry to get this appraisal from them. Despite all of this, it remains that blockchains and digital coins are volatile, something that is not yet changing in the present.
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Written by Isaiah Richard
