Representatives from top notch financial organizations like Visa, Citigroup and others came to participate in Digital Currencies 2014 held on July 29th at NYC. The event brought in bankers, regulatory institutions and the minds behind digital currencies together to shed light on how the industry could be transformed and what stake banks should take in it.
Organized by American Banker, the event attracted some renowned speakers who shared their views about the digital currency and informed the risks and opportunities available for people. The views varied from speaker to speaker; whereas some were penchant supporters of the digital currencies, some others were noncommittal.
One such attendee was Lester Joseph, manager of the global financial crimes intelligence group at Wells Fargo. He admitted that the bank doesn’t have a grand plan for Bitcoin. Putting his views in a panel discussion he said that the ‘Nexus Between Banking and Bitcoin Companies’ is being studied by the banks and ways are being understood to manage risks.
As promised by the organizers of the event the thoughtful presentations by the panelists helped bankers curious about Bitcoin. They received practical, balanced viewpoints and solid use cases for digital currencies from the panelists. Coming directly from fellow bankers and regulators, the information was authentic and well accepted by the audience.
The event was not aimed at providing a platform to hobnob with big and powerful in Bitcoin ecosystem; rather, to help participants develop understanding about the digital currency. The panelists discussed the technology and how the digital currency works. The whole day looked fruitful for the participants as they knew about the nuances of the digital currency.
Remittance Market and Opportunities for Bitcoin Discussed
Sessions on everything from regulation of Bitcoin to merchants’ use of the digital currency and the potential it has in the future, attracted sharp brains from various parts of the country. There is huge scope for Bitcoin in remittance market; this perspective was further explored by Tim Parsa, CEO, BITRESERVE.ORG, and Simon Nahnybida, SVP, Business Development, ZIPZAP, INC.
The panelists discussed how Bitcoin is becoming an alternative to transfer money from one country to another and that too at reduced charged. They talked about Bitcoin being used for transferring money from across borders more quickly, cheaply and easily than through the banking system or traditional money transmitters.
A lot of discussion was based on the possibilities for this technology to facilitate international remittances which has huge market and one of the biggest sources of earning for some of the biggest money transfer companies like PayPal and Western Union. The panelists discussed the practical hurdles that are coming in front of Bitcoin being used as mainstream solution.
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