19 October 2017

Barclays talks to FCA about cryptocurrencies

26 June 2017  |  9798 views  |  0 Bitcoin

Barclays has approached the UK's Financial Conduct Authority (FCA) to talk about how it can bring cryptocurrencies like Bitcoin "into play".

The bank's UK chief executive Ashok Vaswani told CNBC: "We have been talking to a couple of fintechs and have actually gone with the fintechs to the FCA to talk about how we could bring, the equivalent of bitcoin, not necessarily bitcoin, but cryptocurrencies into play."

"Obviously (it's) a new area, obviously an area we've got to be careful with. We are working our way through it."

The FCA says that it does not prohibit banks from digital currency trading or offering services to firms that deal in the likes of Bitcoin, but it does urge caution.

Last year Barclays backed the UK launch of social payments outfit Circle, which enables Bitcoin, as well as sterling and dollar, money transfers across popular messaging platforms. In 2015 it set up a pilot to enable people to make donations to charities in the cryptocurrency.

While Vaswani remain coy on other current cryptocurrency work at Barclays, the bank continues to investigate the use of the distributed ledger technology that underpins Bitcoin. Vaswani says that while the tech is "not ready for prime time, we'll get there soon".

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Barclays opens Europe's largest fintech site

Barclays opens Europe's largest fintech site

02 May 2017  |  16654 views  |  0 comments | 37 tweets | 34 linkedin
Former Barclays' chief Jenkins joins board of bitcoin wallet startup Blockchain

Former Barclays' chief Jenkins joins board of bitcoin wallet startup Blockchain

13 December 2016  |  13821 views  |  0 comments | 5 tweets | 2 linkedin
R3 bids to develop master templates for smart contracts

R3 bids to develop master templates for smart contracts

13 July 2016  |  7293 views  |  0 comments | 8 tweets | 18 linkedin
Barclays backs UK launch of social payments app Circle

Barclays backs UK launch of social payments app Circle

06 April 2016  |  10770 views  |  1 comments | 11 tweets | 10 linkedin
Barclays signs deals with blockchain startups; Hyperledger wins Innotribe contest

Barclays signs deals with blockchain startups; Hyperledger wins Innotribe contest

14 October 2015  |  9909 views  |  1 comments | 15 tweets | 10 linkedin
Barclays to tap Bitcoin for charity donations

Barclays to tap Bitcoin for charity donations

31 August 2015  |  8015 views  |  0 comments | 12 tweets | 9 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.innotribe.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15518 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8711 views comments | 16 tweets | 22 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
8349 views 0 | 8 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7795 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6962 views comments | 9 tweets | 17 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job