From: Crypto Coin News
Samburaj Das
Regulators, banks and private blockchain consortiums aren’t particularly enthused about a public blockchain or distributed ledger providing the platform for banking or financial services, going by the common sentiment at an industry conference in London today. While they don’t want to go the way of bitcoin and other decentralized cryptocurrencies, the threat of the ‘uberification’ of financial industry still looms, making some insiders anxious.
It’s still a waiting game for regulators who are yet to determine if fintech startups are innovating with open methodologies or a vetted model with limited users. The waiting game continues, before the regulators figure out the ways in which new innovations can or, according to them, should be policed.
The banking industry, specifically, is keen to avoid the situation where the taxi and the hotel industry now finds itself, following the advent of Uber and Airbnb respectively. These thoughts were shared amongst private banking firms, a central bank and private blockchain firms today, at a conference organized by the Bank of England and the London Business School.
Leave a Reply