4 Major Banks Confirm They Are Building Bitcoin-like Digital Currency
You would think that the centralized banking powers, with the practical legal rights to literally print money for themselves, would have the wherewithal to be at the cutting edge of all forms of technology. Yet, wire transfers still take days to complete, debit cards are still made of the same plastic they were in the 70’s and banks can’t do internal transactions in anything approaching real time. Then a funny thing happened. That thing the banking kingpins have been laughing at, Bitcoin, has shown the world’s banking establishment how financial business in the 21st century should be done,....
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The debate over Bitcoin’s future relationship with the banking system has come a long way in the last year. In 2014, the discussion was speculative for the most part, as major banks had not yet weighed in on the digital currency. However, in the first half of 2015, banks began taking more interest in Bitcoin. More specifically, several banks have been....
A survey conducted by professional services firm Accenture has revealed that nine out of 10 major U.S., Canadian and European banks are currently exploring blockchain technology in the field of payments. The survey, titled ‘Blockchain Technology: How banks are building a real-time global payment network’ [PDF] canvassed the opinions of 32 of the top commercial banking professionals in the banking industry. Notably, the transformational potential of blockchain technology in the payments space was under the spotlight. Executives participating in the survey included those from 11 of the top....
European Merchant Adoption of Bitcoin is Lagging Behind And Results Into Difficult Banking Relations
When you look at Bitcoin, there will always be the one big obstacle that is so hard to overcome: building relationships with banks. Despite Bitcoin gaining massive media attention, and some of the world’s biggest companies now accepting Bitcoin as a payment method, the banks are still wary of this digital currency. But why is that, exactly? Many people attribute the “negative stance” banks have towards Bitcoin because of its decentralized nature. Add to that there is no governmental oversight, or any actual regulation for that matter, and you can see why most of the upper echelons aren’t....
Three interpretative letters from the Office of the Comptroller of the Currency lay the groundwork for banks to become crypto custodians, payment companies and miners in blockchain networks.
Four major international banks have joined forces to create their own cryptocurrency capable of facilitating transactions between branches. Few major international banks may soon have their own cryptocurrency. According to a recent media report, the banks that are initially going to be part of this initiative includes UBS, BNY Mellon, Deutsche Bank and Banco Santander. These four major banks, who also happen to be the members of R3 Blockchain Consortium are working alongside ICAP, a United Kingdom-based electronic dealer-broker. The main aim of this banking group is to develop cheaper and....