Is the Fed using bitcoin (BTC) to design new financial products?

Bitcoin and the Fed are a love story. Everyone knows that central banks do not hold cryptocurrencies in their hearts. However, when they initiate surveys of banks on a global scale, although they are cautious, they are quite favorable to cryptocurrencies. This is indeed what this survey reveals: 4 out of 10 banks want to be involved in bitcoin.

80 banks worldwide are concerned about the investigation

The Fed’s investigation, SFOS, translates to “Senior Finance Officer Survey It was intended to gather information about the interests of the banks inside and outside the United States. Of the 80 banks surveyed, 46 are in the US and 34 are foreign, although the Fed’s report does not list the names of the banks in question.

Increased interest in cryptocurrencies

In the United States, 40% of the banks that participated in the survey indicated that they give a medium to high priority to the growth of product development related to blockchain technology or cryptocurrencies. In the short term, however, over the next two years, the results only reduce the number of applicants to 27%. These figures show that, in the long term, banks are seriously considering serving the benefits of blockchain technology and serving their customers’ interests in cryptos by offering them suitable products.

Although there is a world view on bitcoin different from that of the banks, they do not hesitate to ride the wave of success cryptocurrencies. And they would be very wrong to deprive themselves of it. The decentralized philosophy of cryptocurrencies and the appearance of DeFi are at risk of competing with traditional financial institutions. Rather than ignore this threat, they must confront it. In addition, we announced today that BNP Paribas will be offering cryptocurrency custody services.

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Gregory Morat

Passionate student about entrepreneurship and interested in the technologies behind cryptos! Yes, I’m sure the two are closely related: blockchain and NFTs are revolutionizing many sectors and presenting unprecedented opportunities.