ABA suggests US banks to adopt Bitcoin
Recent reports claimed that US banks are suggested by the American Bankers Association to include Bitcoin & other crypto assets in their financial services because Bitcoin-like crypto assets have huge potential to give profit.
The end of July month’s end up with the huge interest of big firms & financial institutions in the crypto industry. Whether that services are small level or big level, they want to go with crypto space. For example Siam Commercial Bank of Thailand shows interest in Defi. And also American banks supported El Salvador to support Bitcoin adoption as legal tender. Now US banks are willing to adopt Bitcoin in their ecosystem.
Related: Bank Of America says To adopt Bitcoin as legal currency by El Salvador was right decision
The American Bankers Association ( ABA) published a 20 pages report on Bitcoin considered that it will be better if banks across US can establish partnership with the crypto related services. Because ABA believes that there is huge potential to get profit from crypto market under ideal decision.
ABA urged the US based banks to become partners with crypto services. ABA believes that people have more interest in the crypto industry instead of the traditional financial system. So it will remain better for banks to sustain their better positions with crypto services and traditional finance system. This will give a better push for clients to go with the banking system & also it will result in high profitability chances for Banks.
The 20 pages report by ABA, suggests how banks can utilize crypto assets for transaction purposes at a better level and also they explain how banks can generate revenue with the crypto industry. This report of ABA, explains everything about the regulatory issues to the working model for Banks with Crypto at a very deep level.
Probably this is going to be a big positive vibe in the crypto Community because banks of developed countries are now suggested to go with crypto services and surely these steps will give better exposure to the crypto market.
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