Maria Gaitanidou, who works as the compliance officer at Coins.ph, the largest crypto wallet service provider in the Philippines, has recently told the media her thoughts about the cryptocurrency industry and how it will develop in the near future.
According to Gaitanidou, the notion that the blockchain would eventually replace banks is wrong and it should not be promoted. Why? Because it is easy for the institutions to also use the blockchain technology on their current structures and bring them closer to traditional assets.
Blockchain Is Not As Disruptive As Everybody Seems To Think
Gaitanidou has told the media that everyone is currently experimenting with this new technology and that, while this is great, it is simply far from what could be considered disruption at all. According to her, a lot of people believe that blockchain is “disruptive” but that is simply far from being the truth.
In her vision, blockchain helps more to bring the technology closer to people than it is fully made to disrupt. Because of this, Maria dismissed fears that the blockchain would be used to replace banks in the future or that they should be against this technology at all because it will certainly not harm the financial and monetary systems.
She affirmed that “we always will need a bank” on an interview and rejected suggestions that crypto exchanges had any chance of taking over banks, especially when cross-border movement of money is concerned.
Collaboration is Not Disruption, Coins.ph Executive Affirms
It is clear that the executive believes that the only intersection that can be seen in the future between banks and crypto exchanges is collaboration. She stated that financial institutions were wary of digital exchanges first because they were not regulated, but there is a clear move for more regulation on the industry recently.
Because of this, the banks are slowly perceiving that it can be interesting for them to get closer to the exchanges so they can also beneficiate from the developments of the technology. According to Maria’s vision, the number one function of the cryptos should be to provide financial freedom for the unbanked but this does not necessarily mean they are stealing clients from the banks.
For instance, a recent survey showed that many Filipinos remained unbanked and that crypto exchanges were helping these people to get some type of banking access. According to the research, a total of 75% of the adults in the country do not have bank accounts.
This makes up for a total of more than 52 million adults and it is reported that 60% of them report not having money as the main reason for it, while 21% lack the need and some other do not have documents to open an account or complain about the costs being too high (10%).
Crypto exchanges, according to the executive, can be a solution for these people especially because they are not really the people that are currently being targeted by the banks.
Providing an alternative, Gaitanidou says, is not really competing with the banks because they are not looking for the same customers. Exchanges can find a broader base of clients that are not necessarily who the banks are looking after.
Gaitanidou finalized by saying that exchanges will be useful because they let people decide how to use their money without being too tied to banking hours and whether is a holiday or not. They have fewer restrictions and can use a simple app to solve their problems.