When US banks could adopt the use of Bitcoin

Understanding the boom in cryptocurrencies, seeing customers send money to exchange platforms such as Coinbase and Kraken, banking American tries to ride the wave of virtual money

Photo: AFP OZAN KOSE / AFP via Getty Images. / AFP / Getty Images

It is possible that before the end of the year 2021 US banks are accepting bitcoin transactions, this was implied by the firm New York Digital Group ( NYDIG) specialist in financial services dedicated to the popular virtual currency, reporting that it partnered with Fidelity National Information Services (FIS) , another financial technology to facilitate the adoption of bitcoin by financial institutions in the United States.

With this adaptation the bank may offer the possibility of buying, selling and custody of bitcoins through the bank accounts that each client has.

This means that more and more cryptocurrencies are being used and accepted in the financial market, both, what regular banking wants to integrate. In this sense, the president of NYDIG, Yan Zhao, highlighted that this association is the consequence that “banks observe more and more customers send money to exchange platforms like Coinbase and Kraken.

It is an advance given by small banks that, according to Rob Lee, director of digital banking at FIS, could put pressure on the financial giants that offer the cryptocurrency custody service only to clients with large investment capacities , to also serve retail customers.

It is true that the demand for bitcoin as a store of value is increasing , therefore banks have shown their interest to participate in this initiative. The idea is to make the experience easy and fluid to use, in addition to attracting new customers and generating income from fees.

On the other hand, New York Digital Group ( NYDIG) is also waiting for the United States Securities and Exchange Commission (SEC) to approve an application for a bitcoin exchange-traded fund (ETF). The answer awaits you since the month of February.

The United States definitely wants to ride the virtual currency wave , and we know it is moving forward with a “digital dollar” proposed by the Democrats and which they have defined as an “electronic value unit” that will be financed by the Federal Reserve. This project is expected to impact the cryptocurrency and blockchain industry.

It should be noted that this project, seen as a stimulus to the US economy and digital currencies. , is talking about including in this market hundreds of millions of Americans who still do not dare with cryptocurrencies.

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