Today’s world of technology is changing more than ever, and innovation is becoming a major key as it affects all business operations. However the challenge is to keep up and stay on top and trust me almost nothing we have is evolution of what we already have, some people call it revolutionary.
This years biggest evolution and state of the art technology are in areas like robots, bio metrics, api development and the start of open banking. All these tech terms are used in daily by people, newspapers and by the industry itself. Most of our day to day gatchets use biometrics and banks create apps so that people can login using their smartphones.
The use of blockchain and cryptocurrencies is growing more and more. Today you can find so many different cryptocurrency coins on the market and the amount will keep on increasing rapidly. When you look at Dubai for example, they have created to first state cryptocurrency to ever exist on this planet and now there are more governments that will follow their footsteps.
The bank of England has stated that the cryptocurrency system is regulated as there are brilliant opportunities that come from the development of the payments technologies.
Cryptocurrency and Mortgages
This shows that we are living in a time where cryptocurrencies are used as digital money to purchase vehicles or a new home for example. But are mortgage providers ready for these huge change in the system? Are they ready for this new era? The answer of this question is no. Provider often struggle with the issue of securing lenders mortgages. When there was a peak in the price within the crypto economy, rumors began to surface that mortgage providers where afraid to accept digital deposit because of money laundering fears. Kenny Levy, gained $50,000 from bitcoin investments and he had huge difficulties with lending money,
“When I rang the first lender he basically had no idea what I was talking about and he then asked me what cryptocurrencies actually entails. “I also spoke to other lenders and they did not wanted to touch it in any way.”
The reason why lendors are so hesitate about these electronic money currencies is because there is a fairly high risk when it comes to money laundering in a sense that it is extremely popular in the criminal world. They use these type of currencies to launder the proceeds of crime, which makes it a higher risk,” Kendall Murphy explained in July.
What are your thoughts and options on this matter? Do you believe banks and mortgage lenders should deny any candidates when money is linked to crypto sales? Make sure to read more about this subject and figure out for yourself what you believe is the best solution for mortgage providers.
What do you think about banks and mortgage lenders denying applicants because their money was connected to cryptocurrency sales? And do you think cryptocurrency mortgages will become more popular in the future?