Bitcoins have gotten much more traction than early detractors and pundits expected. With that reality, what do banks need to do, if anything, to prepare for their existence and surprising acceptance? This session will present the fundamental workings of virtual currencies with an emphasis on bitcoin and the current state of the regulatory front. We will get your thinking caps energized as to how bankers might approach virtual currencies and some thoughts about what the future might hold for bitcoin.It appears that Bitcoin and blockchain are here to stay - what does that mean to your institution? Banks are pumping huge amounts of money into systems designed to prevent money laundering, but the blockchain could help by recording each leg of a transaction, making its ultimate destination easier to trace. Once you understand the fundamentals, you will be able to determine what this means to your institution.
Objectives of the Presentation
What is Bitcoin/bitcoin/block chain?
How the heck does it work?
Facts and figures to surprise you
The Good, The Bad, and The Ugly
"Regulations? We don´t need no stinkin´ regulations!"
The legal tender debate
Technology and regulatory issues
What bank´s should do now
Why Should you Attend
Bitcoins have been adopted by a wide range of user - the good, the bad, and the ugly. Understanding how they and the block chain operate is essential to preparing for is further adoption and incorporation into financial society.
Although primarily associated with bitcoin, the blockchain is increasingly being eyed by the financial services world as a potential boon for a range of functions. Senior bankers are discussing the potential of blockchain technology as a way to cut costs and improve transparency for financial transactions.
Citi, UBS and Barclays have all recently confirmed that they are exploring the blockchain, while last week a BNP Paribas analyst speculated that the distributed ledger has the potential to completely upend post-trade infrastructure. No bank can afford to ignore what it [bitcoin and the blockchain] promises for the ongoing avalanche of digital innovations to come, including fighting crime and combatting cyber-attacks.