Barclays tipped as first bank to accept virtual money Bitcoin

Source: National Cyber Security – Produced By Gregory Evans

The high street bank has two labs that are dedicated to exploring the potential of the online currency. And the financial giant is also helping a charity look at how the technology can be used. At the moment British banks aren’t allowed to accept or deal in Bitcoin as it is unauthorised. But financial experts think this could change in the future. Bitcoin gained traction a couple of years ago as an international virtual currency when its value soared to more than $1,000 (£651). There is a finite amount of Bitcoin that can be mined, which helped increase the currency’s value. But it suffered a hit when it became closely linked to online trading platform Silk Road, where people often dealt drugs, which was later shut down. Bitcoin currently trades around the $230 (£150) mark. A spokesperson for Barclays told “We’re excited about the potential.. At some point in the future the development of Bitcoin will impact the banking sector.” Developments in online technology has rapidly changed British banking in recent years. Millions of people now access accounts online and through phone apps, while more local branches are closed. Use of contactless payments have also soared, with some people […]

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