May 29, · Although bitcoin is on a bull run back into the mainstream, questions of legitimacy still remain. outlined the crucial factors at play in its October report from last year “Crypto-asset markets: and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ. ANZ Private Bankers are representatives of Australia and New Zealand Banking Group Limited ABN 11 (ANZ), the holder of Australian Financial Services Licence number This document ("document") is distributed to you by ANZ and may not be reproduced, distributed or published by any recipient for any purpose. Important - Please do not forget to add your BTC Markets account number as the deposit reference, message or description depending on your bank's user interface for each deposit you make. This will ensure your deposit is processed as efficiently as possible.
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In a recent development, some major global banks are investigating a digital cash system. UBS is the major proponent of the "utility settlement coin" which aims to utilise such a ledger, a blockchain, to make clearing and settlement in financial markets more efficient. As befits most new fintechs ventures, the project has a nonsensical, marketing-generated moniker - Fnality no initial vowel.
Reuters reported the utility settlement coin would consist of a digital cash instrument that banks could use to settle transactions. Other groups of banks are also experimenting digital currencies and tokens - albeit not cryptocurrencies in the bitcoin sense. What is salient however is the absence of cryptocurrencies from most of the myriad existential discussions of the future of banking. Innovation will focus on open banking, customer experience, mobile and digital channels, the cloud and artificial intelligence.
Of course cryptocurrencies might feature if, for example, they enhance customer experience and become more efficient in digital banking. But it is difficult to contemplate that happening without crypto gaining far-wider legitimacy with regulators.
Please adjust your corporate strategy accordingly. The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ. Andrew Cornell. Click image to zoom Tap image to zoom Pinch to zoom. On the acceptance front, certainly cryptocurrencies are again growing their merchant base. As a proxy for wider adoption, scams involving cryptocurrencies are also surging again. As far as being a store of value - another criterion from the FSB - cryptocurrencies are not.
Money generally comes in the form of a nation's currency, and is widely accepted as a means of payment. While bitcoin can be used to buy and sell things, it is not widely accepted as a means of payment, and surveys suggest that only a small fraction of bitcoin holders use them regularly for payments. There are also issues around the ability of the Bitcoin system to cope with a large volume of transactions.
In Australia, the prices of goods and services are measured in Australian dollars. While the technology is exciting, we have a healthy level of scepticism to its long-term benefits. During his seven-year tenure at ANZ Mark was responsible for and contributed to the overarching investment philosophy, investment strategy and asset allocation of ANZ Private Banking.
To discuss what this insight could mean for you, talk to your ANZ Private Banker directly, or contact us below. Australia is rife with online crime and the pursuit of high-value targets is increasing, writes Jason Murphy. Here are some tips on how to protect yourself. Read more. Investment diversification is the golden rule of managing risk, which is more real today than ever, writes Alan Hartstein.
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