Bitcoin and banks should work together

In this technologically advanced age, openness and inclusion is key for growth and success In a discussion about future relationships

In this technologically advanced age, openness and inclusion is key for growth and success

In a discussion about future relationships for Bitcoin within the banking world, Patrick Murck, general counsel at Bitcoin, expresses the need for openness within the financial industry. This digital currency, which started in 2008 for bank sidestepped, peer-to-peer transfer of funds, is now valued at $1.5 billion with 13 million Bitcoin ‘addresses’ listed as having received monies in Bitcoins.

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The nature of the currency has characterized it as a system that works beyond and without the constraints of banks, for people who are “un-banked” or “under-banked” but recently, a call for greater regulation has emerged and instead of backing away, Bitcoin are looking towards banks as potential partners to help them iron out their regulatory weaknesses and bring the two worlds together. According to Murck: “It would also benefit the Bitcoin ecosystem and the under-banked populations of the world that struggle to engage with traditional banking.”

He also expressed that banks, too, could benefit from the relationship: “Opening a Bitcoin account at your local bank would be the perfect win-win situation for banks entering the system and becoming innovative.” He suggests that Bitcoin is not going away and traditional financial systems should leverage the changes. The strides that Bitcoin has made on the Internet, with un-banked consumers being included in e-commerce, is valuable for banks in same way that regulation is key to Bitcoin’s future.

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