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Euro Bank Santander Commissions Study On Bitcoin's Impact On Banking

Posted by timothy on from the first-they-commission-a-story-about-you dept.

First time accepted submitter Nikkos (544004) writes Digital currency news website HashReport broke the news Monday that European megabank Santander has commissioned a study to "Analyze the impact of bitcoin and other cryptocurrencies on banks and devise a strategic course of action." The study is being facilitated as a challenge through Yegii, an 'Insight Network' founded by Trond Undheim. Undheim is also a Senior Lecturer at MIT Sloan School of Management, as well as Managing Director at Tautec Consulting. The challenge was initiated by Julio Faura — Head of Corporate development for Banco Santander. According to Dr. Undheim, Faura was "looking for additional outside perspective onto the topic of Bitcoin. While acquiring consulting services from top tier consulting firms can be exciting, he thought that an outsider, multidisciplinary perspective, would be particularly helpful."

7 of 50 comments (clear)

  1. Re:hm by segedunum · · Score: 5, Insightful

    No. It just means that banks are looking for ways in which they can manipulate them.

  2. Less profits for big banks by MrL0G1C · · Score: 4, Insightful

    With bitcoin being good for money laundering, the big banks will lose that source of revenue.

    --
    Waterfox - a Firefox fork with legacy extension support, security updates and better privacy by default.
    1. Re:Less profits for big banks by Anon-Admin · · Score: 3, Interesting

      These comments about bitcoin being good for money laundering are such BS. Do you even understand what money laundering is?
      Note: I have worked in Financial IT and have had the AML (Anti-Money Laundering) training which was less impressive that it sounds. lol

      The point of money laundering is to make an illegal income look legal. To take large amounts of a given currency received for an illegal act and to provide it a banking trail that makes the money look like it came from a legal source of income.

      In most cases money laundering starts with large amounts of cash. Buying bitcoin does not magically make it look ligitement, and what exchange takes cash?

      The truth is money laundering tends to be done by mixing the illegal money into the income of an all cash business like vending machines, massage parlours, small computer stores, etc. Then showing it as ligitement income on the books.

  3. On Banco Santander reports by ccguy · · Score: 4, Insightful

    As someone living in Spain and doing business with Banco Santander I can assure you they're experts on bullshit reports. Whatever this report says (It's not my go potty time yet so I haven't read it) don't worry much unless you are in Spain. If you are then just expect a law on BitCoin to be passed soon.

    1. Re:On Banco Santander reports by Pax681 · · Score: 3, Interesting

      Yup....Santander are assholes. they took over my bank (alliance and leicester) who were decent till santander took over.
      soon it was charges for this and that.. total PITA.
      now i bank with my local credit union and i am MUCH happier

  4. Conclusions by swb · · Score: 4, Informative

    "In order to continue to maintain control over the economy and manipulate financial markets, banks will probably have to get some laws passed that give us control over bitcoin."

  5. Human-readable translation: by carlhaagen · · Score: 3, Insightful

    They are looking into the best course of action to have cryptocurrencies banned as it threatens their paychecks and their control over people's money.