Virtual currencies have been ‘on the list’ of banks for some years, yet few have taken significant public steps to engage in the field. The past five years have seen the evolution of virtual currencies accelerate dramatically, creating a global market valued, at its peak, at USD 414bn.
Mobey Forum contends that this momentum should compel banks and financial institutions to create strategies that can inform if, how and when to engage with the virtual currencies ecosystem. Decisions will soon need to be made about their nature of engagement: should the bank take a lead role, trading in virtual currencies, engaging proactively with regulators? Should it adopt a follower’s position, investigating and experimenting judiciously? Each bank is different, of course, and there are already a variety of roles that they may choose to adopt: custodians, brokers, tokenised asset issuers…
The analysis and the key conclusions presented in this podcast are based on the discussions in the Expert Group.
By Mobey Forum Virtual Currencies Expert Group Co-Chairs:
Hans Henrik Hoffmeyer, Co-founder, Coinify (Former Senior Vice President, Nets Group)
Peter Stephens, CIO, DrumG Technologies (Former Head of Blockchain and UK Group Innovation, UBS)
Discussion moderated by: Paul Rogers, iseepr
This podcast complements the recently published report: