40 % of banks want to develop Bitcoin technology

The United States Federal Reserve (FED) conducted a survey of a group of national and international banks where 40 % certified their interest in including and developing, in the short and medium term, products related to Bitcoin technology.

The Survey of Senior Financial Officials (SFOS), aims to obtain information on the “interests of banks both inside and outside the United States” and the third part of the questionnaire specifically emphasizes digital innovation.

The FED applied the questionnaire to 80 financial institutions, of which 46 are in the United States and 34 international, but the institution’s report does not reveal the names of the banks that participated in the study.

Of the total number of participating institutions, 40 % stated that they had between high and medium priority in “the development of products related to Bitcoin technology, such as DLT (distributed accounting technology) or cryptographic digital assets.

Evolution of technology

Forty percent of financial institutions stated that within 5 years they are interested in developing Bitcoin technology. While only 27 % plan to do so in the short term, that is, within the next two years.

Seventeen percent of banks surveyed did not rate their level of interest in the technology. However, the majority stated that they are monitoring the evolution in the use of Bitcoin technology and the type of products and would be willing to make the necessary adaptation in their bank.

As it is in the public domain, both the moral and philosophical principles that support bitcoin technology are very different from those of banks. However, the financial sector has been developing some adaptations to try to “make the most of the technology that is part of Satoshi Nakamoto’s creation.”

M. Rodríguez

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Source: hoycripto.com