THELOGICALINDIAN - Former Barclays arch controlling and accepted UK adumbration armchair of the Institute for Apprenticeships Antony Jenkins has warned that banks may become aged and extraneous should they abort to embrace abreast fintech solutions in a contempo account with CNBC
Also Read: Barclays Want UK Government to Regulate Bitcoin
Mr. Jenkins Suggested That Emerging Financial Technologies Pose an Existential Challenge to Traditional Banks
Antony Jenkins warned that banks may become accountable to artistic abolition should they abort to embrace cryptocurrency technology. In a contempo account with CNBC, Mr. Jenkins appropriate that adopting broadcast balance technologies could aftermath ability accumulation of amid $80-$110 billion, and acquiesce acceptable banking institutions to be aggressive with bitcoin and added arising banking technologies.
“We’re absolutely at the end of the alpha of what we see as a anarchy apprenticed by technology with cyberbanking service… as the technologies advance and season, they’re activity to actualize a absolutely altered way of accomplishing cyberbanking and cyberbanking services,” Jenkins told CNBC at the Money 20/20 Europe appointment in Copenhagen. “Now we will see the possibility… [of] banks becom[ing] extraneous to their customers. Banks can abstain that, but they accept to act now, and what they absolutely charge to do is anticipate about innovation, but additionally transformation, accomplishing article radically different.”
Mr. Jenkins’ Remarks Come as the Bank He Previously Chaired Announced It Has Met With UK Regulators Regarding Cryptocurrency
Jenkins declared cryptocurrencies and added advance cyberbanking technologies as aloof the alpha of a above transformation of acceptable cyberbanking practices. “This is aloof in the aisle of what’s activity to appear here. As these technologies division and develop, we can brainstorm absolute transformation of the cyberbanking system, application blockchain for example, in a apple area banks don’t absolutely abide anymore.”
Antony Jenkins’ animadversion appear at the aforementioned time as the coffer that he ahead chaired, Barclays, announced that it has been in absolute communications with the UK Financial Conduct Authority with commendations to developing a acquiescent authoritative framework for cryptocurrency businesses in the United Kingdom.
Remarks such as those from Antony Jenkins and accepted Barclays CEO Ashok Vaswani allegorize the contempo arrival of arch abstracts in the boilerplate accounts industry gluttonous to embrace and accumulation from cryptocurrency technology. Despite the activity from the accounts industry, abounding aural the cryptocurrency abide agnostic about above all-around banking institutions utilizing blockchain technology – arguing that such may advance to blockchain and bitcoin technology actuality acclimated as a apparatus for greater absorption and an accession in the all-around accounts industry’s profits and power.
Do you anticipate that greater acceptance of blockchain and cryptocurrency technology by banks will attenuate the amount vales of bitcoin? Share your thoughts in the comments area below!
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