Citibank is making their own cryptocurrency to combat Bitcoin! According to Cryptocoinsnews and techcrunch in July, Citibank is running tests to see if they can control their cryptocurrency. Named Citicoin, it will be distributed in Citibank cards and is an attempt for Citibank to join in on the cryptocurrency race for supremacy.
With Citibank making 3 attempts in their R&D labs, this means that banks are actually warming up to cryptocurrencies and might be willing to accept it. As Techcrunch’s article says, “banks are not afraid of cryptocurrencies, they’re just nervous.”, it is true. Banks are willing to adapt to the changes but might not be welcoming the changes. This week, Bitcoin’s value went down a lot and banks don’t like losing money. It will be hard for banks to feel comfortable if they feel as if all their money that has been turned into Bitcoin suddenly drops by 5%.