We have covered the idea of a Bitcoin bank appearing in the past, while also talking about the possible benefits and cons of such an institution. While there are some companies which are offering bank-like services, there’s no actual Bitcoin bank opened anywhere in the world at this moment in time.
Well, various news reports point towards the fact that the first Bitcoin bank may be on its way over in Switzerland. Chances are that the country of choice may not be surprising at all, considering the fact that Switzerland is home to many of the world’s most popular banks. Together with this, the country is also popular for the neutrality of the government when it comes down to keep an eye on the privacy of the depositors in the local banks. Additionally, the banking system in this region is also famous for being one of the most stable in the world, which is exactly why a Bitcoin bank should choose to put its headquarters right here.
The group which is planning to do this has been holding different talks with the Financial Market Supervisory Authority, and reports indicate that they are planning to submit their licence application sometime in the next couple of weeks.
What’s surprising is that the group has already spoken with different authorities, but also with investors and we’re only hearing about this now. In case the project does materialize, then this would create an institution that would allow its clients to get access to the conventional banking services, which include the possibility to save money, ask for loans and more. At the same time, the bank would also raise revenues for the cryptocurrency industry, which would, in turn, promote the use of Bitcoin and of other digital currencies at the same time.
Until now, Bitcoin and other services such as PayPal may not have been a thread to the world’s big banks, but the emergence of an actual Bitcoin bank that people can go to in order to deposit money and ask for loans will definitely shake the industry a bit. Economic analysts are not currently able to foresee whether the investment would be a smart one and if the bank will turn out to be successful due to the volatile state of Bitcoin and other digital currencies, but there’s no other way to know apart from trying the idea out.
Based on everything that has been outlined so far, what do you think about a Bitcoin bank appearing over in Switzerland which would offer its customers conventional banking services? Let us know your thoughts!