UAE Bank Official Says “Banks Can Learn a lot From New Digital Currencies”

Super User
By Super User May 14, 2014 1:18PM BST


Story Highlights

  • Abu Dhabi Commercial Bank official says banks can learn from digital currencies
  • Adds may be a while before they become viable solutions

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Banks in the United Arab Emirates (UAE) are reportedly looking to upgrade their banking technologies, thanks to pressure from retail client competition and the emergence of digital currencies like bitcoin.

And while these very banks haven’t said anything specific about what their plans are, one bank official is seemingly optimistic on the topic of digital currency, but says that it could be a while for these alternative payment methods to improve upon today’s methods of banking.

“Trust is very important when it comes to money,” said Kaizar Patla to The National. Patla serves as Head of Consumer Assets at Abu Dhabi Commercial Bank.

“The traditional mode of payment by card offers works and is reliable and safer. There are also many systems around it to protect the consumer. Therefore, while banks can learn a lot from new digital currencies, it might take some time for new digital currencies to become viable solutions on their own.”

That doesn’t mean they never will.

In the past year alone, bitcoin and other digital currencies have gained enormous traction.

The fact of the matter is that large companies — even banks — are looking at bitcoin as its growth continues. With the increasing amount of attention it’s getting, more are discovering that this could very well be the system that changes how consumers manage their money.

Another example of a financial company looking into bitcoin includes PayPal. Just this morning, we learned from eBay CEO John Donahoe (eBay owns PayPal, for your reference) that PayPal is closely looking at some level of integration with bitcoin.

Could the next chapter of bitcoin’s story be starting?

Image Bernardo Löwenstein

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Nuno Menezes is a Bitcoin Entrepreneur and a crypto currency’s enthusiast strongly supporting the Bitcoin Portuguese Community. He is an Anthropologist and a Writer and his current field of work is virtual currencies.Complementing his Social Sciences Master degree with a Professional background in telecommunications along some experience in Computer Science, he intends to bring knowledge and understanding about the impact of crypto currencies in society.
  • Chinthamani Chary

    “Trust is very important when it comes to money” which is why Ripple is as dangerous as Visa or Mastercard. The Americans can cut your funds off if they don’t like what you’re doing.