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Bitcoin The Almighty Buck

Euro Bank Santander Commissions Study On Bitcoin's Impact On Banking 50

Posted by timothy
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."
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Euro Bank Santander Commissions Study On Bitcoin's Impact On Banking

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  • by Pax681 (1002592) on Thursday August 28, 2014 @05:23AM (#47772807)
    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
  • by Anon-Admin (443764) on Thursday August 28, 2014 @06:35AM (#47772973) Homepage Journal

    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.

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