Bitcoin: Fear, Uncertainty, and Doubt (FUD)
Duration: 60 Minutes
Bitcoins have gotten much more traction than early detractors and pundits expected. With that reality, what do banks need to do, if anything, to prepare for their existence and surprising acceptance? This session will present the fundamental workings of virtual currencies with an emphasis on Bitcoin and the current state of the regulatory front. We will get your thinking caps energized as to how bankers might approach virtual currencies and some thoughts about what the future might hold for Bitcoin. It appears that Bitcoin and blockchain are here to stay - what does that mean to your institution?
Banks are pumping huge amounts of money into systems designed to prevent money laundering, but the Blockchain could help by recording each leg of a transaction, making its ultimate destination easier to trace. Once you understand the fundamentals, you will be able to determine what this means to your institution.
Objectives of the Presentation
Why Should you Attend
- What is Bitcoin and Blockchain
- How do they operate
- Where did they come from
- What to do about them
Bitcoins have been adopted by a wide range of user - the good, the bad, and the ugly. Understanding how they and the block chain operate is essential to preparing for is further adoption and incorporation into financial society.
Although primarily associated with Bitcoin, the Blockchain is increasingly being eyed by the financial services world as a potential boon for a range of functions. Senior bankers are discussing the potential of Blockchain technology as a way to cut costs and improve transparency for financial transactions.
No bank can afford to ignore what it [Bitcoin and the Blockchain] promises for the ongoing avalanche of digital innovations to come, including fighting crime and combating cyber-attacks.
Who will Benefit
- What is Bitcoin/block chain?
- How the heck does it work?
- Facts and figures to surprise you
- The Good, The Bad, and The Ugly
- "Regulations? We don't need no stinkin' regulations!"
- The legal tender debate
- Technology and regulatory issues
- What bank's should do now
- Operations professionals
- Money managers - Wall Street
- Cash Management professionals
- Payments professionals
- Retail Banking officers
- Bank research staff
- Compliance Managers