Although banks might still not be all that keen on Bitcoin and digital currency in general, they are unable to ignore this trend for much longer. ANZ Business Change and Implementation Manager Max Tannahill is thinking along the same line, as he feels Australian banks should embrace Bitcoin sooner rather than later. Moreover, Bitcoin adoption would put another nail in the coffin of Apple Pay in Australia, which is a payment method the major banks are opposing at every turn.
Bitcoin Vs. Apple Pay in Australia
Similar to just about any other bank in the world, the four major Australian banks have dismissed the concept of Bitcoin for several years now. However, this could be one of the biggest threats to the banking industry in general, as ignoring this trend could end up hurting their business more than anything.
In more recent times, financial institutions have looked at Bitcoin as a stepping stone to get involved in blockchain technology, which they will try and use for their infrastructure. However, these private blockchains will be completely different from the Bitcoin technology, as [central] banks will remain in full control over transactions and the monetary supply.
But that is not the only aspect of Bitcoin banks are trying to “steal” right now, as various institutions are focusing on digital wallet service as well. Receiving, spending, and holding money by using any device has never been easier than right now, although there is still a fair amount of third party involvement taking place.
All of that being said, there are still plenty of good reasons for banks to get involved in Bitcoin itself, rather than to copy its ideas. Treating the way Bitcoin and other digital currency works can give Australian banks a competitive edge over the rest of the world, as it can be labelled in the same way as physical cash receipts and deposits.
Moreover, Bitcoin integration into the banking sector would give financial institutions even more leverage not to deal with Apple Pay in the country. Ever since Apple announced their mobile payment solution, the major Australian banks have been fighting tooth and nail to boycott Apple Pay. Using Bitcoin would be beneficial to them in this regard, and to the digital currency community as well.
Source: Blue Notes ANZ
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