In 2008, an individual or group writing under the name of Satoshi Nakamoto published an open source program outlining the Bitcoin protocol. It ushered in a new era or peer-to-peer data exchange, providing a financial infrastructure that no longer depends on central institutions, specifically banks.
Over the years central authorities have reacted cautiously to what was then an unregulated exchange of value. Banks issued warnings to consumers regarding the currency driving the new standard. In 2013, during a period of unprecedented bitcoin price highs, the Bank of France released their opinion on the risks related to the digital currency.
“Even if bitcoin is not currently a credible investment vehicle, and therefore does not pose a significant risk to financial stability, they represent a financial risk for those who hold them.”
– The Bank of France
The mainstream media’s focus on the illegitimate aspects of the digital currency industry detracted from the new financial paradigms potential. Now banks are turning their heads, shaking off the dust and experimenting with a range of bitcoins features.
Blockchain transactions are faster, cheaper, and globally accessible. The French bank and financial services company BNP Paribas, which claims to be “the