Cryptocurrency becomes a bank! The Web3 financial revolution begins

Cryptocurrency Information Bureau News: International remittances that used to take days may now be completed in seconds? Cryptocurrency has been approved by banks, revealing the future of safe and accessible finance!
—#cryptocurrency #Web3 #financialrevolution
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A quick video explanation of this blog post!

This blog post is explained in an easy-to-understand video.
Even if you don't have time to read the text, you can quickly grasp the main points by watching the video. Please take a look!

👋 "Have you given up on Web3 News because it's too difficult? Today, I'll explain it in a super easy-to-understand way!"

If you're wondering, "What exactly will change when I see news about cryptocurrencies?" or "How will regulatory changes affect my life?", we have the answer! The news today is that US regulators have granted cryptocurrency companies "bank-like" licenses. This will make cryptocurrencies safer and more accessible, and bring us closer to an era in which international remittances and asset management will be faster, cheaper, and more reliable.For example, international remittances that previously took several days may now be completed in just a few seconds! This is going to change the world of finance dramatically.

Cryptocurrencies join the banking community! Ripple and Circle's groundbreaking approval will change the financial world

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First of all, what has been inconvenient so far?

Does the world of virtual currencies seem a little far away? Just like when you send money at a bank, where you have to wait at the counter or the fees are high, virtual currencies have also had some inconveniences up until now. Let's start by looking back at these issues with a familiar example.

In the traditional financial system, international remittances take several days and incur fees.More than several thousand yenIt used to take a long time. This is because there are many intermediaries involved in transactions between banks. It's like sending a package to a friend through several couriers. On the other hand, even though virtual currencies are supposed to be fast, regulatory barriers have prevented large companies from using them on a full scale. For example, even when using stable currencies (stablecoins), questions remained such as "Is it really safe?" and "Can it be trusted like a bank?", making it impossible to move large amounts of money.

Another issue is market fluctuations. As has been reported in the news, major cryptocurrencies such as Bitcoin and Ethereum can experience a sudden drop in price due to stock market movements. Recent examples include:Bitcoin falls 4-5%And EthereumA sharp drop of 9-10%This is because people sell their shares ahead of central bank policy announcements in an attempt to avoid risk. It's like avoiding going out on a day when the weather looks bad. This instability is what made people shy away from virtual currencies, seeing them as "like gambling."

Another problem is the vagueness of regulations. Because virtual currency companies are not banks, they do not have protections such as deposit insurance, and the management of funds is unstable. Creating documents to resolve this issue is complicated and time-consuming.GammaUsing AI tools like this, you can easily compile white papers and reports. Regulatory barriers have kept people who want to use virtual currencies seriously away.

Even elementary school students can understand! This evolution's key points

Now, onto the main topic of this post! The US Office of the Comptroller of the Currency (OCC) has granted "conditional banking approval" to cryptocurrency-related companies Ripple, Circle, Paxos, BitGo, and Fidelity. This is huge news, as if cryptocurrencies are "joining the banking ranks." In layman's terms, it's like a small convenience store in town getting permission from a large supermarket and becoming a full-fledged store. This means that cryptocurrency transfers and storage will be managed with bank-level security standards.

To briefly explain how it works: Until now, cryptocurrency companies have been as free as stray cats, but lacking in trust. Now, like house cats, they'll be housed and gaining trust, living in a regulated environment! For example, USDC (a digital currency with the same value as the dollar) issued by Circle will be subject to strict scrutiny, just like a bank deposit. Transfers using Ripple's XRP will also be as trustworthy as traditional bank networks. Using a shared ledger (blockchain) monitored by everyone, transparency is maintained while funds are protected by banking rules. It's like putting money into a vending machine and getting soda, but now the program processes transactions automatically, but with the strict scrutiny of banks.

▼How will this change things?

With this approval, virtual currencies have evolved from a "toy" to a "serious financial tool." The market is currently falling in the news, but this is only temporary. In the long term,As trust increases, trillions of yen in funds may flow in!

The future standard! Usage scenarios

Let's imagine how these changes will affect our lives in the form of a story. We'll paint an exciting picture of the future from three different perspectives.

First, from the investor's perspective. Let's say you are an office worker and want to invest in overseas stocks. Until now, you might have given up because of the high remittance fees, but with Ripple's bank-grade remittance, you can transfer dollars in a few seconds, and the fees areWithin a few hundred yenIt's as easy as buying coffee at a cafe! This makes it easier to expand your portfolio globally. Even in the midst of market declines, funds are flowing into new ETFs like Solana, a move that looks to the future.

Next, from the creator's perspective. Let's say you're an illustrator selling your work to fans overseas. If you receive payment in Circle's USDC, you don't have to worry about the price because the value is fixed in dollars. What's more, thanks to bank approval, fans can send money with peace of mind. The fees are lower than traditional PayPal,Instant payment boosts your creativity! Blockchain allows you to prove ownership of a work, so NFTs (Digital Certificates of Ownership) can also be handled safely.

Finally, from the perspective of the average user. You manage your money on a daily basis. If BitGo and Fidelity's custody services become bank-grade, you won't be afraid to deposit your Bitcoin. For example, sending money to your family internationally will be low-cost. The fact that major players are buying up Ethereum, as seen in the news, is proof that this practicality is expected. If you want to share trends in videos,Revid.aiYou can easily turn your articles into videos using this app. This will bring us closer to the day when cryptocurrency becomes a part of our everyday wallets.

While this scenario makes life more convenient, it also leads to market fluctuations (e.g., Bitcoin).Around $97,000Don't forget the risk of the market falling. Please enjoy it while understanding the risks.

Check it out for yourself (DYOR)

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The future of Web3

This approval is the first step towards virtual currencies becoming the "new normal" in finance. In the future, tokenized assets (digitized real assets) will become more widespread, and we will likely see a world where stocks and bonds can be easily traded on the blockchain. Just as with the strengthening of regulations on news, there will also be a need to take measures against bad players (e.g., those involved in fraud cases).$ 1.8 millionThe increase in long-term holders (Ethereum cryptocurrency accumulation) also points to a stable future.

Summary: Start with a small amount!

With this OCC approval, cryptocurrency companies have gained bank-level credibility. While the market decline is temporary, financial innovation is expected in the long term. Don't forget to DIOR and enjoy the trends of the future. If you want to automate your information gathering,Make.comIt's useful to summarize the news!

👨‍💻 Author: SnowJon (WEB3/AI Practitioner/Investor)

He is a researcher who uses the knowledge he gained from the University of Tokyo's Blockchain Innovation course to practically disseminate information on WEB3 and AI technology.8 blog media, 9 YouTube channels, and over 10 social media accountsHe also personally invests in the fields of virtual currency and AI.
His motto is to combine academic knowledge and practical experience to translate "difficult technologies into something that anyone can use."
*AI was also used to write and compose this article, but the final technical checks and corrections were made by a human (the author).

Reference links and information sources

• Original news article/official website: Ripple, Circle and BitGo secure conditional approval for US banking charters | The Block
• Related White Papers/Documentation: OCC Grants Conditional Approval to Crypto Firms (Hypothetical OCC Formula)
• Reference media articles: US regulator grants crypto firms initial approval to launch trust banks | Reuters
• Additional reference: Ripple, Circle, BitGo Among Five Crypto Firms Set to Become Trust Banks | CoinDesk