Do you see cryptobanks happening?

[Henrywrites]

I've heard reports that in the USA, one can be able to have a BTC card that is possible to use via ATM. This makes me wonder, if the crypto currency community are making plans to have banks where only crypto coins can be carried just like we have the traditional banks. Do you see that happening soon?

 

[Arantor]

Unlikely because banking institutions in countries tend to have legal requirements about knowing the identity of their customers (something crypto has been very vehemently against) and about ensuring they have funds on hand for liquidity - but this implies a fundamental value being held, not solely fiat denominations.

 

[Shortie]

As much as I feel many people who invest and use crypto would love to see something such as crypto banks, I don't feel as though it will be something we see any time soon or at all to be honest.

We already see the issues when it comes to the banking we have now of scams and fraud and if we were to see something like crypto banks available, I can only imagine how bad this would become with very little knowledge on how to have something like this and protect its users.