Decentralized Structure Can be Better than traditional AML-KYC Policies
The decentralized ecosystem enables a less chance of any fraud or any pierce through the system. Therefore the possibility of the scams like that of HSBC which surfaced recently can be nullified.
The global banks like HSBC and Standard chartered’s shares fell to the lowest point in 25 years after the FinCen documents revealed the scam. The documents indicated the bank did sense the scam within their ecosystem but did nothing. Moreover, it allowed the fraudsters to transfer millions of dollars around the world.
In this scenario, the decentralized platform would prove as a blessing in disguise.
Is the time now to have Bitcoins?
The dipping share value and the uncertainty with the fiat currency have elevated the need to have Bitcoins in their treasury. Amidst a major bull run in the crypto space, many speculate that it is the correct time to stack up more bitcoins.
The CEO of Binance, CZ in a tweet said that currently, it might be a good time for the banks to buy bitcoins.
Many of them agreed to his point and also told that they are already late in entering the bitcoin space. Overall, the decentralized platform can be better than the traditional banking policies as there is no way out for any piercing in the network. Also, it can provide a more secure and reliable platform.