One of the largest banks in the United States has organized a summit on what has been described as the “rules of engagement” when it comes to bitcoin, in effort to learn more about this emerging new digital currency and economy. There have been a number of concerns when it comes to digital currency, but Wells Fargo seems to be pointing their sights on the money laundering potential behind bitcoin and other cryptocurrencies.
The aforementioned summit has been spearheaded by Well Fargo’s Jim Richards — who leads the anti-money laundering division at the bank. Richards set up a group to dig deeper and find out how Wells Fargo could potentially offer services to entrepreneurs and businesses involved with bitcoin, according to the Financial Times, while remaining compliant with existing legislation and mitigating the potential for abuse.
CEO John Stumpf says it’s common practice at Wells Fargo to launch these sort of inquiries.
“We have made enormous investments as a company and as an industry in a payments system that is secure, and we need to be sure we are up to speed with what other things are going on and their risks and rewards,” he has said.
According to Stumpf, Wells Fargo recognizes the world is changing and is trying to better understand “what [bitcoin] does and what is does not”.
The summit includes over a dozen individuals, who were scheduled to meet in San Francisco Tuesday, says the Financial Times. (via Financial Times)