Google will take over the niche of digital Finance with new services

Search giant Google has announced the launch of the Bank accounts for its customers in 2020, according to the journalists Wall Street Journal. Accounts will be created in partnership with one of the largest international financial conglomerate Citigroup. A new service called “smart Bank accounts.” It is reported that they can be tied to digital wallets Google Pay.

Google ā€” like Facebook ā€” also interested in the market of digital Finance. Recall that a centralized cryptocurrency Libra from the largest social network has mixed reviews from various experts. New Google initiative also received the approval not all. Some industry representatives are worried that the tech giant in this way will be able to access financial data of many people.

The new service from Google

Until that information about the new service not so much and hardly now it is possible to argue that smart Bank account from Google will significantly improve the quality of life of their clients. Company representatives noted that the other banking enterprises can also participate in the initiative.

We study how we can cooperate with banks and credit unions in the US to offer intelligent settlement account through Google Pay, helping our clients to benefit from the useful ideas and tools of budgeting. More details about the service will be revealed in the coming months.

Banking analyst at Autonomous Research Brian Foran expressed concern about the package of new services technology giant.

They [Google] will have a window in my financial life. They see my checks, paying the mortgage, credit cards, and will be able to form habits, which I spend my money. Not sure I will be comfortable to use a Bank account Google.

Source: Markets Insider

The prospect of a centralization of Finance in the hands of large global corporations looks frightening. It’s not what you wanted to achieve anonymous Creator of Bitcoin Satoshi Nakamoto. The cryptocurrency industry obviously does not benefit from more centralisation no benefit.

The only option is to popularize cryptocurrency. Conventional cryptocurrencies decentralizovanno, that is, they have no Central authority. Most likely, after meeting with the centralized product some people will want to move on to more advanced versions of the technology and reach of Bitcoin.

Creator NEO Yes Hongfei opposed to centralization even in web standards. In his opinion, she delays “industrial revolution 4.0”. Your thoughts Hongfei shared at the conference BlockShow Asia 2019, which is now held in Singapore.

These standards should be transparent and decentralized. Data ownership should be returned to users.

While the world companies are active and move confidently in the direction of their own financial projects. However, the prospects of such initiatives is unclear: however, the Commission on securities and stock exchanges of the USA have not shown the green light to this area.

The situation is actively used by China: the country is approaching the release of the national cryptocurrency called DCEP. The government promises the citizens of “controlled anonymity”, that is, challenges to participation in illegal activities should not be. Read more about the topic, read our material.

Will there be a new initiative Google is popular among the clients of the company? Share your thoughts about this in our cryptodata millionaires!


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