Citi: Bitcoin is an Opportunity for Banks, Not a Threat

A new research report by banking giant Citi asserts that it does not view bitcoin and other digital currencies as a disruptive threat to banks, credit card networks or traditional remittance providers, but rather as a potential complement to existing services.
Published today, the 56-page report argues bitcoin and digital currencies are better equipped to open up new markets and reach new consumers, and that today’s centralized payment systems are already efficient enough for today’s commerce.
Still, Citi does see opportunity in using a public blockchain.
The report reads:
“The power behind an open network like bitcoin is the possibility of incorporating it with other technologies to bring about true innovation, such as applications that support the Internet of Things (eg machine-to-machine payments).”

This post was published at Coin Desk on June 30, 2016.