Uncategorized

Santander Bank Commissions Study on Impact of Bitcoin on Banking

Jayanand Sagar | August 25, 2014 | 5:32 pm
Uncategorized

Santander Bank Commissions Study on Impact of Bitcoin on Banking

Jayanand Sagar | August 25, 2014 | 5:32 pm

One of the largest European banks in operation today is looking to get the skinny on bitcoin and digital currencies, it would seem. Europe’s Santander Bank has reportedly commissioned a study on the impact of bitcoin and other cryptocurrencies on the traditional banking system, according to a report first published on HashReport.

The study is taking place on the Yegii — a platform founded by MIT professor Trond Undheim. The idea is to get a group of industry experts, enthusiasts, and even skeptics together to “[a]nalyze the impact of bitcoin and other cryptocurrencies on banks and devise a strategic course of action.”

The study was sparked by Julio Faura, who heads corporate development at Santander. HashReport indicates that Faura seeks “additional outside perspective onto the topic of Bitcoin,” and “[w]hile acquiring consulting services from top tier consulting firms can be exciting, he thought that an outsider, multidisciplinary perspective, would be particularly helpful.”

What qualifies as the dream team of people Undheim is looking for in this particular study? Well, “a bitcoin expert, a management expert, a project manager, a data scientist/scientist/engineer, a banker, an academic, and a student with lots of energy, ideally from different continents, and to include both believers and skeptics,” as posted here.

Undheim was quoted as saying:

[blockquote style=”2″]This challenge is both an opportunity for Bitcoiners to express their viewpoints and acquire the support of a major multinational bank that is very forward thinking. […] While the Bitcoin community has progressively been taken more seriously over the past year, this is the chance to gleam insight into the possibility of banks adopting it as a mode of transaction.[/blockquote]

The study, also described as a ‘challenge’, comes in the form of three stages. The first stage, which has a deadline of August 27th, asks: “How would you approach the question of the impact of bitcoin on banks?”

Those looking to get involved should visit yegii.com/expert/register, assuming you meet the qualifications.

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