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

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."

Re:hm

[segedunum]

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

Less profits for big banks

[MrL0G1C]

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

On Banco Santander reports

[ccguy]

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.

Human-readable translation:

[carlhaagen]

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.