Barclays Bank Confirms Talks With Regulators to ‘Bring Bitcoin Into Play’

Barclays Bank Confirms Talks With Regulators to ‘Bring Bitcoin Into Play’

THELOGICALINDIAN - British bunch coffer Barclays has accepted they havebeen in talks with UK banking regulators the Banking Conduct Authority FCA to see how they can accompany Bitcoin into play

Speaking with CNBC, the bank’s UK arch executive, Ashok Vaswani, accepted that the aggregation had been in talks with both regulators and fintech firms in adjustment to actuate how the coffer can cautiously accompany cryptocurrencies to their customers.

While the chat with CNBC did circumduct about Bitcoin, in particular, it is important to agenda that Vaswani fabricated it bright that they were attractive at blockchain technology as a whole.

UK arch executive, Ashok Vaswani

According to Vaswani:

He additionally discussed the accent of attention with attention to cryptocurrency integration:

Barclays’ move comes on the heels of contempo account that JP Morgan Chase is planning to integrate Zcash with its blockchain belvedere as able-bodied as Chase’s appear admittance in the Enterprise Ethereum Alliance. This is not the aboriginal time that Barclays has biconcave its toes into the cryptocurrency pond, however.

In April 2024, Barclays became the aboriginal British coffer to accomplice with a agenda cryptocurrency close back they backed amusing payments app Circle, which allows users to accelerate and accept payments via argument message. Circle operates in allotment on Bitcoin’s blockchain and it offers the cryptocurrency as a acquittal advantage as well.

Barclays accouterments acute contracts

Barclays fabricated use of acute affairs to facilitate derivatives trading last year and has additionally invested, via incubators, in abundant companies authoritative use of blockchain technology. One of the best notable of these is the Africa-based startup Consent which uses the blockchain to log medical records.

As Bitcoin continues to appearance almanac breaking gains, the absorption akin from retail investors is at an best high. With this added interest, it should appear as no abruptness that banks are starting to sit up and booty notice. With Bitcoin boasting YTD assets of abreast 200% – and Ethereum over 3000% – banks are acumen that cryptocurrency and blockchain technology are actuality to stay.

Bitcoin YTD gains

Barclays and JP Morgan Chase are hardly the aboriginal banks to embrace Bitcoin and the blockchain, however. Other banks that accept fabricated appropriate include:

Bitcoin is now being offered in advance portfolios at both Hargreaves Lansdown and Fidelity Investments, demonstrating a bright alertness to baby to this accretion demand. Fidelity Investments seems to accept taken a keener absorption in the technology, area others abide cautionary.

Ultimately, questions as to the administration Barclays will booty are still unanswered, but the important affair is that they are talking about it, advance in it and researching accessible opportunities.

What do you anticipate about Barclay’s adventure into cryptocurrency and blockchain technology? How can this account their customers? Let us apperceive in the comments below.

Images address of Barclays, Shutterstock, Twitter