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Home The Bitcoin News Citibank: Bitcoin Won’t Disrupt Payment Networks, though Changes Are Coming

Citibank: Bitcoin Won’t Disrupt Payment Networks, though Changes Are Coming

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Citi Research expelled a 56-page report on bitcoin observant that it is not going to interrupt banks or credit label networks. It says there will be increasing transaction costs for bitcoin to yield increasing volume. As for a use of bitcoin in remittance payments, it says bitcoin’s advantage dissipates when a “last mile” cost of converting to fiat banking is considered.

The news records a expansion of bitcoin mobile apps in building countries but sees regulations rising that put them in question. It claims existent remuneration systems are generally efficient. The news also talks about Ripple and Ethereum as good as government-backed digital currencies. There is also an endless outline of bitcoin’s authorised standing in opposite countries.

Despite these findings, Citi believes digital banking binds guarantee for financial services. It also believes government-backed digital currencies can interrupt existent remuneration systems, nonetheless these projects sojourn in a developmental stage

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