Santander Looking into Bitcoin’s Impact on Banks

Spanish banking giant Santander has
commissioned a study
on the impact of bitcoin and other virtual currencies on banks and “devise a strategic course of action”, according to the bitcoin news site HashReport.

Yegii, an ‘insight network’ founded by Dr. Trond Undheim, managing director at Tautec Consulting and a senior lecturer at MIT Sloan, is conducting the study. Undheim noted that Julio Faura, head of corporate development for Banco Santander, was looking for outside perspectives on bitcoin. “While acquiring consulting services from top tier consulting firms can be exciting, he thought that an outsider, multidisciplinary perspective, would be particularly helpful,” he said.

Undheim believes that the study, or “challenge” is an opportunity for bitcoin users to express their viewpoints and gain the support of a major multinational bank. “While the Bitcoin community has progressively been taken more seriously over the past year, this is the chance to glean insight into the possibility of banks adopting it as a mode of transaction,” he said.

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