BrokersMinutes

Bitcoin News Mash-Up: UK Banks Teams Up Against Bitcoin; Netagio’s New Features; and More



UK Banks Treat Bitcoin as Threat
The British Bankers Association recently submitted a document to the Treasury’s consultation, mentioning the pros and cons of digital currencies. The document however seemed more inclined towards criticizing Bitcoin’s fundamentals which makes it a powerful tool in sponsoring drug trafficking and terrorism.
“The impact that digital currencies can have on monetary or financial stability currently is limited given the size of the digital currency market,” said the document. “However, if ‘convertible’ digital currencies were to reach mass adoption in the UK, there is a possibility this may have an increasing effect on sterling.”
You can read the full report here.

Netagio Introduces Bitcoin and Debit Card Services on Its Platform
Following the announcement of partnership with WalPay, UK-based Bitcoin exchange Netagio recently launched a new service in which customers will be able to load funds into their debit and credit cards to trade Bitcoins. “Our customers will always be our number one priority,” said Netagio CEO Simon Hamblin. “We recently expanded our order books to USD and EUR in response to customer feedback and now also offer a choice of payment methods, with our new credit and debit card payments in addition to the traditional banking payments.”
You can read the full report here.

KPMG: “Bitcoin is a threat and an opportunity for banks”
KPMG, a firm providing audit and advisory services worldwide, issued a report in which Bitcoin is identified as a threat and an opportunity for retail banks. The report, entitled “The Changing World of Money,” describes the various factors that threaten banks and, in turn, analyzes the potential of cryptocurrencies as a viable means of payment. The document reads: “The new payment systems – from PayPal to Bitcoin – are smaller organizations and react more quickly to changing trends. Banks, however, are unable to respond quickly to customer needs because the old systems, data management, increasing costs and regulations hinder its response speed.


More...