Breaking: Citibank Developing Its Own Cryptocurrency

In an interesting turn of events, a traditional bank has been experimenting with its own cryptocurrency. Citibank has developed at least three of its own cryptocurrencies based on the same principles as Bitcoin.

This is on the heels of other major league bankers admitting that block chain technology makes some traditional financial services redundant. The traditional banking industry stands to gain a great deal by adopting Bitcoin into its strategy, and this is why it probably comes as no surprise to many readers that Citibank would experiment in such a way.

Also read: The Greek Bank Run is Real – Bitcoin an Option?

The question remains as to why they would use their own cryptocurrency rather than simply use bitcoins to make inter-bank transactions, or whatever plans they had for using the cryptocurrencies. There has been no direct statement of reasoning on this aspect, but nonetheless, it would seem there must be some fundamental need that Citibank had, causing it to develop its own cryptocurrency. It would seem

Read more ... source: CryptoCoinsNews