Bitcoin: Another Banking Headache
William Mougayar is a Toronto-based angel investor and four-time entrepreneur who advises startups on strategy and marketing. Here, in the first of a three-part series, he discusses how banks dealt with the emergence of the Internet and how blockchain technology is causing these institutions a whole new headache. A recent flurry of media reports and surveys have touted that some banking and financial services sector players are undertaking interesting projects with blockchains and decentralized ledgers in particular. But this burst of activity is hardly enough to prematurely claim victory....
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PayPal opening its network to cryptocurrencies could create a serious tax headache for users.
William Mougayar is a Toronto-based angel investor and four-time entrepreneur who advises startups on strategy and marketing. In the first of this three-part series, he discussed how banks dealt with the emergence of the Internet and how blockchain technology is causing these institutions a whole new headache. In part two, Mougayar looked at why banks should start embracing blockchain technology. Here, in part three, he explores the steps banks should take to make sure they lead the blockchain-banking revolution. What should banks do? Don't just do pilots that automate old processes.....
While some countries proceed to search for a way to get something out of elusive cryptocurrencies, Israel prefers to wait it out until someone else makes a step forward. As usual, everybody knows that coin is out there but no action is taken to legalize it or somehow disprove its right to be used as a currency. Israel on the other hand may go a different way. They do not plan to overlook the situation with digital currency, quite the opposite they are watching closely what the other boys in the sandbox will do. However, the concern is beginning to grow and as with other countries, the part....
The European Union’s Advanced Payment Services Directive (PSD2) is a “headache for everyone” according to a UK bank spokesman. At Monday’s London Fintech Conference, Royal Bank of Scotland head of open banking and fintech solutions Alan Lockhart said that a “change of mindset” was needed from banks traditionally unwilling to embrace new thinking. Nevertheless, he said, the new rules, which come into force in 2018, presented “huge opportunities” for legacy institutions to get on board with ideas from innovative fintech startups. “One of the huge opportunities that is right on the doorstep....
Attorney and Bitcoin advisor Marco Santori has hailed “the end of state-by-state licensing” following news that fintech startups will no longer face “patchwork” local compliance procedures. OCC Wants ‘Level Playing Field’. The Office of the Comptroller of the Currency (OCC) announced Friday that limited bank charters will be available for fintech companies. This, Comptroller of the Currency Thomas Curry said, would “level the playing field” in terms of regulatory compliance in the US. “It will be much better for the health of the federal banking system and everyone who relies on these....