Is There Any Reason Banks Shouldn't Use Bitcoin?
If you were a large bank or another type of large financial interest, and you had finances say, in Greece, wouldn't you potentially be looking for a good way to get them out quickly? Why wouldn't you consider Bitcoin? With Bitcoin, you could buy a large portion of them, and then transfer the money for a fraction of the cost, and then cash it back out into a fiat currency wherever you've sent it. For a bank, this would save a lot of time and money usually wasted on bank fees. For anyone else, it would represent a cheaper way of getting funds out of a dangerous environment. Is there any....
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The European Central Bank (ECB) has reiterated its position on digital currencies. In a speech delivered at the at the ECB/Banca d'Italia Workshop on Interchange Fees, Yves Mersch, Member of the Executive Board of the ECB, said digital currencies are still too small to have an impact on retail payments and central banks. Mersch reiterated what the ECB said two years ago in its Virtual Currency Schemes report, published in October 2012. In the meantime digital currencies have gained quite a following, although they are still not even close to what could be described as 'mainstream'. In any....
According to MIT Media Lab director Joi Ito, governments have a role to play in regulating bitcoin but they shouldn't overstep their boundaries. He suggests that governments should still have a voice in the process in order to increase the confidence of the general public when it comes to transacting using cryptocurrencies. "I'm not sure that we need an ICANN for Bitcoin, but I think that what would be good is some sort of way for all of the governments to voice their concerns and then become comfortable with how the community interprets their concern," he explained. Bitcoin Regulation....
With the approaching tsunami of central bank digital currencies (CBDCs) looming ever closer, it shouldn’t come as a surprise when central banks shill their coins at the expense of sounder assets. Recently, European Central Bank president Christine Lagarde went so far as to say that cryptocurrency is “worth nothing.” According to Lagarde, crypto has “no underlying asset” like the upcoming digital euro. But fiat money’s secret source of value is the real explosive scandal.
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European Central Bank....
Christine Lagarde, chief of the International Monetary Fund (IMF) and finance minister under former French president Nicolas Sarkozy, said this week that banks don't have much to fear from bitcoin or the blockchain. The Financial Times reported today that, while speaking at a conference in New York City, Lagarde said attendees worried that the banking industry could be altered or rendered obsolete by the blockchain should "pause for a second". "Many of you have heard about not only bitcoins but blockchains and that unbelievable technology that underlies the bitcoins of this world at the....
Banks are reluctant to work with bitcoin, that fact has been well known in the community for some time. Until now, though, few concrete reasons have been given as to why. New statements from a senior banking practitioner in Australia working in anti-money laundering (AML) and counter-terrorism financing (CTF), compliance could go some way to providing an explanation. Banks around the world, particularly in the US, have been closing down accounts of bitcoin startups and even bitcoin-accepting businesses for over a year now. Even those that do work with bitcoin businesses are reluctant to be....