It absolutely is more traceable if they know where to look for it. The bank of england couldnt find £50 billion this year! Yes, lost track of it! This is literally impossible with CBDCs.
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Created in 2009.
People can’t understand pay early (working day before) and get irate when it doesn’t come into their account when they expect it to 
Can you imagine trying to explain to someone why they had 7 Monzo coins yesterday worth £1,000 and now they’re only worth £800.
It’s great to have dreams and I can clearly see that this is something that excites you. But without wanting to poop all over them I think you’ve got a bit too giddy. It needs to be more widely adopted and understood before any of this is even considered.
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Of course, I even mentioned future in that comment. Support for cryptocurrencies however is happening everywhere and its happening now.
It was more to highlight the possibilities. You will definitely be surprised in the next few years!
@RyanFreak Monzo are notoriously anti-crypto which is why it leads to people having their account suspended.
When you use Binance it even warns you do not use Monzo as a source as you risk it being closed.
To me Monzo need to stick at doing banks things as it’s got a lot more to achieve before focusing on other things.
I want my bank to be a bank, I want my stocks broker to be my broker, I want my crypto exchange to be my crypto exchange.
I don’t want one business to half-arse each bit just to provide it under one roof.
@phildawson Yeah thats fair enough and a good point. I didn’t actually know they were so anti-crypto. I presumed the binance deposit notice was a software issue between the bank and binance. Very strange.
With all due respect I think it’s time to switch back to water from the Crypto Kool-Aid
It’s not happening. Whilst BTC (not to mention other digital currencies) are this unstable (thousands of £ fluctuation in value in a matter of hours, even), they won’t be suitable for everyday banking.
Imagine you go to buy a car with the necessary £25000 in Monzo coins. By the time you get to the dealership, your card will decline because it’s now only worth £19753
Or go to Tesco and the £40 you had left until the end of the month is now £23 so you can’t afford food
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Eh?
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Thats an extreme point made around a single possibility I highlighted! Please look into CBDCs, the crypto kool aid will be all they’re serving soon😉
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Monzo have a very wishy washy sensible use policy where they haven’t defined what actions and what thresholds result in your account being shut. They could have listed exchanges they are happy with or amounts. It’s not worth the risk unless you only have Monzo as a spare account that you don’t mind if frozen. I don’t know if it’s come from Tom or up top, or just that Monzo are tough on AML and crypto are easy pickings.
Starling are also anti-crypto but actually actively block the transactions, and say nope 
rather than let you do it and shut your account.
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I would argue the fact the FCA has stepped in about Crypto today is more than enough to keep Monzo and others away from it.
I mean they already are stepped back from it but this just enforces that reasoning.
Haha dejavú! There are a load of topics within the community from 2017, when we were at the last ATH.
The result was exactly what most are saying here.
It’s too complex for an average customer, and crypto has way too many swings to be a safe investment for the average person.
Basically Monzo likely want to stay away from the headache of customers losing money from high risk investments
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It’s a long shot that Monzo would do anything related to crypto.
For them to do their own crypto token? Insanity. There has to be utility for crypto tokens to have any sort of value (typically speaking) unless it’s an absolute shitcoin and just has a people who are excellent at marketing to raise hype for it and I’m not sure what kind of use a Monzo coin could bring which would be either:
A. Useful to the end user
or
B. Useful for Monzo as a bank
Plus there’s the whole legal aspect of issuing a token, that would take time and more importantly a lot of money to research.
Maybe the most likely (which is still going to be extremely unlikely) Monzo USA could make use of some of the DeFi protocols which offer interest on USD stablecoins (e.g. Compound or Aave), the APY is a much higher rate than any other commercial bank with Compound’s rate near 10% for USDC and Aave at a more conservative 4%, this could be behind the scenes and packaged up as a “risky investment strategy” option in the front end of the Monzo app.
This would put them at a competitive advantage over every other US bank which would be offering typically low interest rates in comparison on the dollar.
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Good points.
PS would also like to throw in here as others, Revolut’s crypto implementation is terrible 
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I remember Tom when asked about this at an open office saying, that he could install a roulette wheel in the app for Crypto, and then said no chance no way.
Just put this under the wrong thread:
This isn’t looking good if cryptocurrencies is supposed to be “the future”…
https://community.monzo.com/t/position-of-monzo-about-cryptocurrency/111703/3?u=ordog
Appreciate all the responses guys!
If nothing else it’s definitely helped me gauge the current public perception of the industry as of now.
I do like the DeFi suggestion, would be a great competitive advantage but yeah we’re years away from that if theres not even going to be basic support for digital currencies.
Again, they won’t release a coin but it just highlights the amount of innovative solutions for interest/lending/customer rewards that are possible.
Definitely rooting for a successful USA launch before any crypto support as a Monzo investor myself but do hope that the perception of the industry does keeping changing over the next few years. Horrible topic to even talk about right now, feels worse than politics, theres those that are interested and those that aren’t and absolutely no middle ground.
I do not personally mind that people aren’t at all interested I just wish everyone would look ahead with an open mind rather than dismissing any future predictions regarding digital currencies as nobody really knows.
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Lol ok
Hi,
Everything in the title. Since HSBC in UK doesn’t allow crypto profits or crypto investment anymore (yes the same HSBC which was caught for laundering drug cartel money how funny), I would like to have a clear position of Monzo about cryptocurrency.
For now I have absolutely no problem with Monzo to buy crypto but would be nice to have an official position about this subject.
Cheers