Banks Still Wary about Bitcoin, Affects Bitcoin Based Business
Banks are threatened by bitcoin and at the same time, they explore ways to integrate bitcoin technology into their operations. When it comes to the banking sector, the banks want to have the cake and eat it too. On one side, all the major international banks are making a beeline to incorporate blockchain technology into their operations whereas, on the other hand, they are not so eager to offer their banking services to bitcoin companies. Bitcoin has exhibited a strong growth since 2013. The digital currency has been around for the past 7 years, but its rapid growth gained everyone’s....
Related News
Why is China forsaking cryptocurrencies at the same time that legacy U.S. banks, long wary of crypto, appear to be discovering its virtues? At the same time that China has declared war on cryptocurrencies, giant American banks appear to be embracing crypto — evident the final week of July with the news that crypto firm Lukka will provide State Street Bank’s private fund’s clients with digital and crypto asset fund administration services. This follows forays into the crypto space from the likes of BNY Mellon, JPMorgan, Citigroup and Goldman Sachs among traditional bank heavyweights.Is it....
The Indian banks are increasingly collaborating with fintech startups in the country to develop banking solutions. India decided to do away with over 80 percent of its currency in circulation overnight. The move, almost brought the country’s economic machinery to a grinding halt as people flocked to the banks and post offices to exchange their old high-value banknotes for new ones. As experts debate about its potential impact on the country’s economy, Indian banking institutions have decided to upgrade their operations and infrastructure to match present day requirements. According to a....
“There isn’t some law of nature that says the set of people who have to be in consensus is the whole world. Bitcoin just happens to work that way because of its unique business problem. If you don’t have Bitcoin’s business problem then be very wary of those trying to sell you something that looks like a Bitcoin solution.” The R3 consortium is actively developing a blockchain solution that can integrate with the existing legacy system, and their partnership with a lot of the world’s leading banks will help them achieve that goal. Corda, their distributed ledger platform for managing....
Jerome Powell and Christine Lagarde don’t agree on every point during their IMF “debate.” We analyze how globalization affects Europe and the U.S. differently.
Speaking at the Blockchain Agenda in San Diego last week, Overstock.com CEO Patrick Byrne warned that the R3-led blockchain consortium that counts the world's largest banks as its partners is looking to outlaw the competition and the wider Bitcoin and blockchain community. Bitcoin advocate and CEO of Overstock Patrick Byrne is wary of the R3-led blockchain consortium's underlying agenda, whilst not trusting some of the banks that figure among the R3 blockchain. He cites reasons for suspicion, noting that some of the members within R3 intend to stifle competition and innovation among the....