Deutsche Bank supports blockchain initiatives in banking

Deutsche Bank supports blockchain initiatives in bankingDeutsche Bank supports blockchain initiatives in banking

The Deutsche Bank Twin Towers, the headquarters of Deutsche Bank in the banking district of Frankfurt, Germany.

In response to the European Securities and Markets Authority’s (ESMA) call for evidence on investments using digital currency (described by ESMA as “virtual currency”) or distributed ledger technology, Deutsche Bank (DB) has said blockchain technology offers a prospect to realize several important benefits.

Dated July 21 and published by ESMA on the 30th, the response cited more stable and resilient systems, faster processing of transactions, and lower costs for customers as key benefits. DB also suggested the possibility of banks leveraging distributed ledger technology to make their operational and reporting process flows more efficient and secure and to meet know-your-customer and anti-money laundering requirements.

Signed by Daniel Trinder, Deutsche Bank’s global head of regulatory policy, the response acknowledged that despite the clear possible benefits that could emerge from further development and use of blockchain/distributed ledger technology, potential risks should be understood and mitigated where appropriate.

“To ensure that there is an appropriate balance between allowing for

Read more ... source: CoinReport