Banking Litecoin: Charlie Lee Talks On Banks And Cryptocurrency

As they now are starting to issue their own digital currencies, several banks across the world are changing the industry as we know it. But as they start creating their own assets, the odds of them adopting the current *real* cryptocurrencies are slim to none.

Some banks have been very open about their hatred and shunning of cryptocurrencies, whereas others have gone the extra mile in blocking users who get involved with crypto completely. Those who buy cryptocurrencies through the cards issued by that particular bank can be blocked for doing so too.

Litecoin

Banks in Germany have been quite open about being positive about cryptocurrencies. This came as the Litecoin Foundation acquired nearly a ten per cent equity in the German WEG bank. Others have expressed their own worries over opening bank accounts that support the venture of cryptocurrency but the Litecoin creator recently took part in a podcast to show how the Foundation has gone forward in addressing the issue. 

Charlie Lee said:

“The idea of us owning a small part of a bank was that we can attack this from a different angle, tried to get a bank to support crypto internally, make potentially even having crypto accounts for people, so we got a small stake in the German bank.”

Because regulators have a big role in banks, the whole process of banking is essentially just really slow. 

Lee continued, saying:

“They’re also working on the payment processor product where they can help us set Bitcoin, Litecoin and other currencies and converted to the fiat currencies.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!