and a growing number of coins are in circulation in that market capitalization is currently about one hundred seventy billion euros. and that number is growing and so are those security concerns for crypto currency holders. news of hacks every few weeks and whole countries are now creating their own digital currencies take venezuela and the patriot it was designed by the country s president nicolas maduro to get around the latest u.s. sanctions put in place by this guy at the moment a crypto currencies success depends a lot on how easily it can be converted into standard currencies whatever the case traditional lenders and central bankers are increasingly worried about their relevance in the digital future. the bank for international settlements in basel is the bank for central banks it
how many people companies or countries want to reward social commitment and volunteering. and they will need to have confidence in the new cryptocurrency soaps and accept it as a means of exchange. marketing from. what s clear is that some of the world s most prominent banks scrambling to catch the critter county wave among them german based. it s high the experts in the area to try to figure out how to retain business in a world where it would no longer act as a middleman michael he went to meet one of them in london. um yeah bedford is known as miss crypto she works in london for dacha bank kind of as its guide to the future scouting out emerging technologies.
kickstarted the cryptocurrency. in two thousand and ten one bitcoin was worth less than one us cent in two thousand and thirteen it was worth one thousand dollars and in december two thousand and seventeen it jumped to almost twenty thousand dollars. because it was invented as an alternative to the prevailing clover financial system a revolutionary way to conduct transactions without third party intervention no banks no central banks no government authorities. say much or other as a consultant to you advise us companies on creating their own crypto currency he also runs a group you re involved in for people interested in crypto currency use. and i ask him if bitcoin has lived up to its revolutionary promise. first it was fighting against the banks the existing financial systems if you like the banks had already
a form of distributed letter technology and she s looking into ways that can be deployed at the bank or has lurched from crisis to crisis for years and daily needs to win back trust business. we need to do better demonstrate we re looking ahead to attract customers and focus on serving them. than. i would have in the bank is like a big ship that has to change direction and. of course there s an agile little tug in front and that s us we test new things. and if they prove their worth they ll be implemented in the rest of the bank but. crypto and her team are often out and about exploring what it is the bank s customers really need she also confers a lot with dacha banks in london innovation lab. it s headed by john pearce and he tells us how block change can make aspects of banking more efficient it can be used to create smart contracts for cobol program that ensures all terms of
and that number is growing and so are those security concerns for crypto currency holders. news of hacks every few weeks and whole countries are now creating their own digital currencies take venezuela and the petro it was designed by the country s president nicolas maduro to get around the latest u.s. sanctions put in place by this guy at the moment a crypto currencies success depends a lot on how easily it can be converted to standard currencies whatever the case traditional lenders and central bankers are increasingly worried about their relevance in the digital future. the bank for international settlements in basel is the bank for central banks it promotes international monetary co-operation and carries out research and policy analysis its general manager i ve seen carstens is dead set against crypto currency.