Why Banks Need to Start Accepting Digital Currency like bitcoin

Over recent years, digital currencies such as bitcoin have become increasingly popular in mainstream circles, with more and more people using cryptocurrency for a variety of transactions. However, despite this, only one bank has stepped up and accepted the rocketing growth in its use. Fidor Bank in Germany in the only mainstream bank that has been brave enough to take steps to keep up with the popularity of this type of currency, and has now partnered with bitcoin.de, the German bitcoin exchange, to provide a service known as ‘bitcoin express’.

As the CEO of Fidor Bank, Matthias Kroner, stated, this type of currency has become part of a global digital lifestyle. With our increasingly shift into the digital era, the growth in digital currency has always been inevitable and this is something that Fidor Bank has readily accepted. The Bitcoin Express service is an instant one that will even provide 100,000 euro deposit insurance on transactions.

In an interview, Kroner stated: “When we approach an issue we ask ourselves, ‘why can’t this be done any better’, or ‘is that really the final solution’, or if there is a segment like the crypto issue, ‘why is this not being executed by a normal bank? We simply think that everything which is coming along with crypto or even bigger with the blockchain is a more or less a natural part of the digital environment or the digital lifestyle.”

While many people are keen for regulators to allow mainstream banks to hold bitcoin, this is something that could still be a very long way off according to Kroner. He said that due to the volatile nature of cryptocurrency regulators were nervous when it came to sustainability.

With the German bank having taken the first steps amongst the mainstream banking industry when it comes to bitcoin, it may just be a matter of time before other banks follow suit.

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