British Banking Association: Bitcoin is a Real Threat to Banks
As cryptocurrencies grow in popularity, they will continue to threaten revenue streams of the traditional banking system, according to a new report from the British Banking Association (BBA). A section of The Digital Disruption: UK Banking Report looks specifically at cryptocurrencies and the impact they have already had, and will continue to have, on people's perceptions of monetary transfer.
Related News
A new report from the British Banking Association reveals that the increasing popularity of digital currencies, especially bitcoin will continue to threaten the traditional banking system. UK Banking Report considers Bitcoin as a Threat. The latest UK Banking Report - A section of The Digital Disruption, is dedicated to digital currencies, specifically about its implications on the perception of value transfer and the impact on the traditional banking system. The section on cryptocurrencies reports that digital currency is increasingly becoming a ubiquitous challenge to the established....
During 2014 we saw several occasions of significant political figures from the UK having a bitcoin-friendly stance. UK Shadow Minister Chi Onwurah and Chancellor of the Exchequer, George Osborne both showed their appreciation towards the potential of bitcoin. Osborne in specific commissioned the Treasury to produce a programme of work on cryptocurrencies. It looked like UK politics were looking forward on helping the UK becoming a global centre for the Bitcoin economy. It now becomes obvious that UK banks probably perceived this as a threat. The British Bankers Association, which....
The Japanese Bankers Association (JBA) is working toward the development of a common blockchain platform for the country’s banks to begin trials of core banking processes including money transfers. The JBA is essentially an association that represents and works on behalf of 252 member institutions that are either headquartered or operate with branches in Japan. The association includes full member banks, bank holding companies, bankers’ associations and associate member banks that include nearly 50 foreign banks with a presence in Japan. Notably, the JBA is also the operator of the Zengin....
As the popularity of bitcoin increased, it started appearing as a threat to the conventional banking industry. The threat combined with a lack of clarity regarding bitcoin regulations has got many banks across the world refusing their services to bitcoin based businesses and bitcoin users. As the bitcoin adoption has still not crossed the threshold, people are forced to use traditional banking services to complement their bitcoin transactions. There have been many instances in the past where banks have frozen their customers' bank accounts for dealing with bitcoin. Even many bitcoin....
Banks in the United Kingdom are turning a deaf ear to bitcoin exchanges, despite the government’s pro-blockchain position, according to financial writer Roger Aitken, writing in Forbes. Unless the situation changes, the banks will undermine bitcoin’s progress and drive cryptocurrency entrepreneurs out of the banking system. Cryptopay, a bitcoin brokerage, recently informed customers that it will no longer support British Pound deposits and withdrawals on account of new bank policies. Such incidents have increased as bitcoin has gained popularity. Cancellation of GBP deposit and withdrawal....