How Bitcoin Could Save London Banks After Brexit

  • The technology could mean banks would not necessarily have to move to the EU.
  • As many readers already know from previous articles, I am skeptical about the idea that Brexit would leave the U.K. economy relatively unharmed.
  • If you remember, the European Central Bank insisted in a rule issued in 2011 that clearing of euro-denominated trades should be done in countries that have the euro as their currency.
  • A bit of context: one of the main reasons why virtually all the big banks in London — the City, as London’s financial services sector is known — supported remaining in the European Union is the fact that clearing of euro-denominated trades must be done within the E.U. Leaving the E.U. will deal a blow to the U.K.’s financial services.
  • I simply doubt that leaving the world’s biggest trading block can be achieved while keeping all the advantages — free movement of goods, services and capital — and rejecting what the proponents of Brexit see as a disadvantage — free movement of people.

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@ReSinanian: “How Bitcoin Could Save London Banks After Brexit – TheStreet”


The technology could mean banks would not necessarily have to move to the E.U.


How Bitcoin Could Save London Banks After Brexit

Bankers are now facing their Uber moment

#Banks now facing their Uber moment  #Blockchain cometh ! #bitcoin #ethereum #BTC

  • For lack of any obvious alternative, we still overwhelmingly entrust the big banks with our money.
  • Over the years, the big banks have been subjected to any number of competition investigations, and little good have any of them done.
  • As things stand, all banks look the same, which is why there is so little switching, and why even when banks are broken up it makes little difference to the customer experience.
  • Blockchain, the technology behind Bitcoin, is just one of a number of technologies promising to transform the face of finance
  • Buried in the report was something potentially revolutionary – that banks be required to implement so-called “open banking application program interfaces”.

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@MarkTOByrne: “#Banks now facing their Uber moment #Blockchain cometh ! #bitcoin #ethereum #BTC”


Bankers are a resilient lot. They survived the financial crisis, and they’ve largely survived the subsequent regulatory crackdown. More remarkably still, they have so far survived a digital transformation which has upended many other service industries, from retail to media, music and taxi-hailing.


Bankers are now facing their Uber moment