While online giants are reluctant to make steps towards adopting crypto, major banks are already seizing the trend.
On March 14, Google said it will ban all crypto-related ads as of June, following Facebook’s similar decision from January 2018.
Google explained its move by concerns about scams, as hundreds of ICOs are being launched without proper regulations and consumer protection. But is a crackdown instead of adapting really a wise thing to do in today’s world?
Still, you can’t stop progress, and as the tech giants may be too cumbersome to move towards proper regulatory space, some countries are already adopting crypto on a national level. For instance, Switzerland not only created legal opportunities for ICOs and blockchain, but also supported some projects.
Along the same lines, Estonia is now serving as a fiat gateway, and England is moving in the same direction thanks to Barclay.
Finally, Malta invited the population to take part in creating the first blockchain regulation.
One prominent recent example is the first major U.K. bank deal between Barclays and Coinbase exchange platform, which allows UK customers to process transactions substantially faster through Faster Payments system. Now traders won’t have to wait several days and pay extra exchange rates as is the case with Estonia.
Moreover, after completion of this test run by Barclays, the e-money license acquired by Coinbase will soon be extended to 23 more countries within the European Union.
While some tech companies prefer to remain outside observer, major financial institutions are already adopting new methods of virtual transactions and easing limitations.
- Morgan Stanley is actively hiring specialists in equity research, looking at crypto not as “enemy” but as “opportunity”;
- Bank of America, despite overall caution over blockchain, admitted that it may “deal with the substantial costs”;
- Dutch-based ING financial organization is searching for ways to work with blockchain tech by demonstrating cooperation with Bitfinex exchange and its partner companies, and performing different ‘experiments’ around mining;
- Wellington Management Co. ($1 trillion in managed assets) officially declared its interest in cryptocurrencies and associated market.
This attitude of national governments and financial institutions comes as a proof that adoption of blockchain and crypto is inevitable.