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Tuesday, July 29, 2014

10:45 a.m. - 11:30 a.m.

THE NEXUS BETWEEN BANKING AND BITCOIN COMPANIES

Perianne Boring, Founder and President, CHAMBER OF DIGITAL COMMERCE
Lester Joseph, Manager, Global Financial Crimes Intelligence Group, WELLS FARGO & COMPANY
Jordan Modell, CEO, INTERNET ARCHIVE FEDERAL CREDIT UNION

In early 2012, Bitcoin exchanges were quietly operating under the radar, but once the federal government and several state governments began scrutinizing the compliance and regulatory processes behind these businesses, traditional financial institutions started dropping their bank accounts, citing risk. While the controversy has begun to calm in the U.S., with Silicon Valley Bank, E*Trade and Bank of America banking Bitcoin startups, there is still uncertainty. And the landscape differs from country to country, with some taking a hand’s off approach (i.e. Germany) while others have moved to nearly stamp it out, such as China.

 

This discussion focuses on banks’ exploratory forays with bitcoin companies, and how banks might be working with them in the future.

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