Financial IT, UK: Cognizant’s Vice President and Head of Banking and Financial Services in the UK and Ireland Says Businesses Must Understand How and Why Bitcoin is Seeing Traction

“As Bitcoin becomes more prevalent, it is essential that businesses understand how, when and why the currency is seeing such traction, and what this means for the broader economy,” explains Tony Virdi. “What’s more, the UK government is keen allow more Bitcoins to flow through the financial services market to help transform the UK into a global hub for the digital currency.” Excerpts:

“Many of the benefits of Bitcoin are easy to understand relative to the enthusiasm by institutions and consumers who are eager to try new forms of payment.

Truly global as a currency, there are often no transaction fees (unless you are drawing coins from many Bitcoin addresses with a large data size), no VAT charges, no need to share detailed personal information.

With increasing acceptance in the market, the digital currency is becoming a viable option for businesses and individuals alike.

Bitcoin is still in relative infancy and hence comes with some warnings, which are manifested in the substantial uncertainty in the Bitcoin trading market.

The question remains as to whether the Bitcoin ‘bubble’ is here to stay.

Banks are aware that they need to keep up with customer expectations in the digital world in which we live in today.

Banks and financial institutions need to ensure that they understand the potential impact of emerging solutions on their business and put plans in place to ensure that they are on the ‘front-foot’ to adopt these in an agile manner, on a use case basis.”

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