As banks increasingly delve into tokenization and cryptocurrencies (read our report), it remains quite challenging for their customers to have them themselves. The Big Whale has selected three questions for you to challenge your banker 😁.
πŸ‘‰ "Why can't I have cryptocurrencies?"
This is the basic question, the most obvious one, and for a good reason, as it concerns a lot of people πŸ™‹β€β™‚οΈπŸ™‹πŸ½β€β™€οΈ.
For years, it has been quite complicated for bank customers to have cryptocurrencies. We're not talking about cryptocurrencies directly deposited in bank accounts (no bank on the planet allows that, or it's exceptionally rare), but simply owning cryptocurrencies through exchange platforms.
It is also possible to hold cryptos in a digital wallet (like Ledger), which we actually recommend, but the vast majority of people today have cryptocurrencies on platforms. And these same individuals, sometimes ecosystem entrepreneurs, regularly have their bank accounts closed because there are flows with these platforms πŸ™ƒ.
Things have somewhat improved, but except for a few key players, especially the big ones like Coinbase, Binance, Bitpanda, or Coinhouse, most platforms pose problems for banks, leading to account closures...
To justify these decisions, banks often explain that they cannot trace the origin of the funds. This is one of the reasons why, in some cases, they ask their customers to sign a liability waiver to invest in cryptocurrencies.
Yet, all market players are required today to verify the identity of their customers and the origin of the cryptos. Some crypto platforms are at least as diligent as traditional banks.
So, what's the (real) problem? 😏
πŸ‘‰ "Why can't I buy cryptocurrencies from you?"
If you want to dig a little deeper, you can ask your banker why they don't allow you to buy cryptocurrencies directly.
It's true, after all, bankers have a "duty to advise," in other words, to assist clients, and they would be a perfect intermediary to guide you in this sometimes complex world to navigate.
How long will banks continue to refuse to offer cryptocurrencies directly? It's hard to say, but one thing is certain: the number of clients holding cryptocurrencies is steadily increasing πŸš€.
According to the latest study by the Association for the Development of Digital Assets (Adan) conducted by KPMG, 9.4% of French people hold crypto-assets, which is several million individuals. This might make some reconsider!
πŸ‘‰ "What are you doing in cryptocurrencies?"
As strange as it may seem, banks, which are rather cautious with their clients regarding cryptocurrencies, are almost all interested in cryptocurrencies (read our report on the subject).
Some will tell you that they don't deal with cryptocurrencies and that the only thing that interests them is the "blockchain," but in reality, the two topics are closely related.
Unless using private blockchains (reserved for a few players, like Intranets), it is not possible to use public blockchains like Ethereum without resorting to cryptocurrencies because users will have to pay fees for each transaction.
Some banks, like SociΓ©tΓ© GΓ©nΓ©rale, with its subsidiary SG-Forge, are among the most advanced players in these areas. The red and black bank has developed a whole platform with token issuance and cryptocurrency management services, but for now, this service is reserved for... companies!
Feel free to ask the three questions above to your banker. And most importantly, tell us what they replied! We could publish the best responses πŸ€“.
The only thing you should say to banks is : FUCK YOU, I am out using only Bitcoin. You are obsolete!
reply
This is the way
reply
soon, we will be :)
reply
Where my money at?
reply
Just three questions. Please can I close my account.
reply