France’s greatest bank BNP Paribas is apparentlytesting the idea of adding bitcoin to among its currency funds, a source at the bank told International Company Times UK. The unnamed source stated that BNP Paribas has actually been doing “beta testing” involving cryptocurrency, and the main statement could be available in the near future. A spokeswoman for BNP Paribas informed International Business Times UK: “We are taking a look at blockchain innovation and how it can be applied to post trade procedures to make things faster and potentially less costly but it’s all really much projects and it’s all in screening. It’s absolutely nothing live.”
BNP Paribas, baseded in Paris, was formed through the merger of Banque Nationale de Paris (BNP) and Paribas in 2000. It is among the biggest banks worldwide. Based upon 2012 details BNP Paribas was ranked as the third-largest bank worldwide, as determined by total assets, by Bloomberg and Forbes.
In November, writing on Quintessence, the monetary magazine of BNP Paribas, monetary securities research study expert Johann Palychata suggested that bitcoin and other digital currencies would shake up standard banking and monetary services.
The analyst noted “the slow emergence of an environment to accommodate a more comprehensive use of crypto-currencies in the real economy,” and the possibility that huge corporations might choose to use the Bitcoin network rather than existing settlement systems.
PYMNTS kept in mind that Palychata’s article, which openly suggested that “the development of an alternative to the present banking system is under way,” was exceptional because it originated from among the world’s largest banks.
A couple of weeks ago, Palychatacomposed another Quintessence post on the possible impact and future ramifications of the blockchain for securities markets.” [The blockchain] is the first effective effort for a protected and decentralized register,” said Palychata.”It needs to be considered as a development like the steam or combustion engine.”Palychata considers the possibility of a scenario, never
discussed or gone over by mainstream financial institutions, where the blockchain makes conventional operators in the securities market redundant and obsolete, changed by clever markets where purchasers and sellers transact directly without intermediaries and the blockchain itself keeps a public, long-term and tamper-proof record of deals and security ownerships.”Mutual fund have a great chance of becoming one of the very first real banking users of crypto-currencies, providing a standardized platform for international fund distribution,”said Palychata, including that the blockchain innovation behind Bitcoin might bypass the banks that currently work as intermediaries. The analyst also thought of a scenario where the existing leaders remain in charge, however are forced to adjust to the emerging blockchain-based monetary innovation– a scenario that is ending up being better with the recent blockchain efforts of business such as Nasdaq and Overstock. It appears that BNP Paribas– if the rumors are confirmed– means to adapt. In other news, Société Générale, another French multinational banking and monetary services company locateded in Paris, published a job offer calling for an IT developer to work on Bitcoin, blockchains and cryptocurrencies at its London facilities. The bank is trying to find prospects with previous IT experience in a banking environment or in a fintech startup. The post BNP Paribas Screening Plans to Add Bitcoin to its Currency Funds appeared very first on Bitcoin Publication. Bitcoin Publication