Niklas Nikolajsen, the founder of Bitcoin Suisse, thinks that European banks will finally offer bitcoin wallets. Cryptocurrencies as bitcoin are one of the fastest and cheapest currencies in the world, especially in comparison with traditional banking services, but there is no any traditional banks providing bitcoin wallets.
Niklas Nikolajsen noted that the banking system begin to change in the end of 2016. However, Niklas Nikolajsen did not said which European banks would begin to change the system first.
However, the central bank of United Kingdom has another opinion about when the Bicoin revolution will happen. The executive director for payments and financial resilience of the Bank of England, Andrew Hauser, mentioned that while new technology could change the method, which the central bank uses for developing new financial systems, accepting of blockchain technology for stock and bond arrangements will not happen very soon.
As everybody knows the blockchain technology use of specific cryptography to build a distributed ledger to hold and transfer funds in a more understandable and flexible way in comparison with the traditional banking systems.
Andrew Hauser said:
“It is easy to ask for changes since settling securities transactions globally can be extraordinarily complicated. However, there is no probability of such new and extraordinary changes occurring any time soon. A lot of work is needed across a whole diapason of problems, including scalability, protection of customers’ information, creating new important protocols, integrating new technology and developing control and legal norms.”
All in all, Bitcoin and blockchain technology was successfully adopted by some countries into their own banking systems. Therefore, in June, the Bank of Canada announced that it is testing how the blockchain technology can be used for international banking payments, but the Bank of Canada noted that it has no special plans to create new digital version of Canadian dollar or offer bitcoin technology as well.