UK Banking Report considers Bitcoin as a Threat
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....
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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.
The Institute of International Finance held its annual membership meeting in Washington this past weekend, and banking elite from all over the world convened to discuss many topics. The newest topic of discussion at this year's meeting, one that had eluded them in previous years, was a threat to traditional banking embodied by Bitcoin and other crypto-currencies. What should banking "do" about a Bitcoin threat? What can they do about it? How to handle the Bitcoin threat. Jamie Dimon is the CEO of JP Morgan Chase. JPMorgan Chase is the leading U. S. bank in domestic assets under management,....
Security firm Kaspersky Lab has found that bitcoin is the target in more than one fifth of all malware attacks aimed at victims' money. According to Kaspersky's latest threat report, entitled 'IT Threat Evolution Q2 2014', bitcoin mining malware accounted for 14% of attacks in the second quarter of 2014, while bitcoin wallet stealers accounted for 8%. Keyloggers, which can be used to compromise both bitcoin and banking services, also made the list, with 4% of all attacks attributed to various forms of key logging malware. Traditional banking malware still leads the way with 74%, but....
According to a new document, Bitcoin has been named a talking point by the Federal Advisory Council. The Federal Advisory Council consists of 12 representatives of the banking industry and advise the Board of Governors of the Federal Reserve System. The question "Does Bitcoin pose a threat to the banking system, economic activity, or financial stability?" was asked and the main concerns were mainly about banking, economic activity and the financial stability of Bitcoin. The notes go over how the Council doesn't believe Bitcoin is a threat to the banking system; however, it is a threat to....
In the next 10 years, 30 percent of banking jobs could be obsolete, according to a recent Citi GPS report. This statistic from Citigroup’s report makes an assessment of the potential impact of fintech on the global banking industry. It echoes the concerns of former Barclays PLC Chief Executive, Antony Jenkins, who referred to the position of consumer banking as being “in an Uber moment” that would lead to rapidly accelerating job losses. “I predict that the number of branches and people employed in the financial services sector may decline by as much as 50 percent over the next 10 years,....