Bitcoin and the banking sector do not go well together – it is a known fact. But as the importance of bitcoin in the current global economy increases, it is becoming hard for the banks to ignore the digital currency completely.
Last week WB21, a digital bank announced that it will soon start accepting Bitcoin deposits. By doing so, WB21 became the first banking institution in the world to make such an announcement. This move by WB21 has not caught anyone by surprise for its own reasons. For starters, WB21 is the only ‘digital bank’ that allows anyone from a long list of nations to open an account online with them. The bank has been operational since last year and it handles almost all the leading fiat currencies in the world. Now for such an institution, it is impossible to ignore a universal currency like bitcoin.
Importance of Bitcoin in International Setting
Bitcoin, since its inception, has become the most favored currency for overseas fund transfer and remittances. This is mainly due to the negligible transmission fee associated with bitcoin transfers as against conventional fund transfer methods. Also, the bitcoin transfers are usually executed in less than an hour, no matter which