At a annual assembly of a world’s mercantile titans in Davos, Switzerland, a heads of Morgan Stanley, Deutsche Bank and a International Monetary Fund played down suggestions that digital currencies like bitcoin could shortly shake a foundations of a financial industry. “It’s not going to change everyone’s life tomorrow,” pronounced James Gorman, a authority and CEO of Morgan Stanley, who final year called bitcoin “surreal.”
While he remarkable that some aspects of a investment banking courtesy could be impacted by a impetus of digitalization and cryptocurrencies — including bonds trade and money transfers — Gorman pronounced regulatory hurdles still occupy some-more of his courtesy than online currency technologies.
“I wouldn’t be so worried,” pronounced John Cryan, co-chief executive of Frankfurt-based Deutsche Bank, that has experimented with bitcoin-like transactions. Cryan voiced some-more seductiveness in a digital software underlying bitcoin — called a blockchain — than a much-hyped digital banking itself. “Blockchain technology is interesting. Bitcoin, we don’t consider is.”
The contention came during a World Economic Forum confab whose thesis — “the Fourth Industrial Revolution” — centers on a intensity of automation and connectivity to change markets and society.
For bankers, a timing is apt. In 2015, digital banking technologies done rare incursions into a mainstream of