Charlie Shrem, CEO of BitInstant Wishes to Work with Banks for Greater Benefits

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Charlie Shrem, CEO of BitInstant Wishes to Work with Banks for Greater Benefits
Charlie Shrem, CEO of BitInstant Wishes to Work with Banks for Greater Benefits

Charlie Shrem, CEO of BitInstant Wishes to Work with Banks for Greater Benefits

BitInstant CEO Charlie Shrem is willing to work with the traditional banks. Addressing the gathering at ‘the Inside Bitcoins Conference’ he compared Bitcoin to the early days of the web. To him, Bitcoin’s early days are like the ‘wild west’ and it will take some time in evolving to the perfection.

He said that Bitcoin is like the Internet which when it was new, it caused apprehensions among people as they were unaware of the potent; a lot of infrastructure was due. Mr. Shrem also stated that a lot of infrastructure has to be developed before Bitcoin becomes a mainstream currency and accepted worldwide.

He is observing a lot of infrastructure and entrepreneurs springing up and it is the job of all those who are for Bitcoin to build the infrastructure; the roads and the tunnels. He is expecting a better future for the crypto-currency as for him there are hundreds of Bitcoin startups that have come up and they are getting wide support.

He says that things are changing for the better and the startup community is already entering its second wave of greater innovation around Bitcoin services. He cited the examples of Bitcoin ATM and others.

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However, the key point in his address was his interest in traditional financial services providers as he admitted his willingness to work with them. He assured the traditional banking companies and stakeholders that Bitcoin is not going to shut down banks and destroy the banking infrastructure.

In fact, according to him, Bitcoin could be a way for banks to avoid covering debt differentials when conducting interbank transfers. He also admitted that there is a huge potential for large companies in the Bitcoin market.

He also showed his obligation towards the government’s regulatory authorities and said that brokers do not need to get scared and in terms of knowing their client (KYC), they have to know their customer.

Stressing the compliance with the law of the land by the Bitcoin exchanges, he said that it is a must whether liked or disliked; if disliked, efforts can be made to change them. Mr. Shrem also stressed on the use of Bitcoin as a form of payment between countries in emerging markets as he sees a lot of scope there.

Answering the question on his website’s non-performance in the last couple of days he said that he is excited about the launch of the website scheduled this week.

To contact the author of this story: Jonathan Millet at john@forexminute.com