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Bain & Co: Banks Risk Missing Out on Digital Currency

Jul 21, 2016 at 12:19 p.m. UTC
Updated Sep 11, 2021 at 12:23 p.m. UTC

Consulting firm Bain & Company believes banks are at risk of missing out on the adoption of digital currencies – and the revenue that might come with it.

The Boston-based firm has published research that argues financial firms are effectively holding themselves back amid an environment of regulatory and technological uncertainty.

The consultancy's report specifically targets international payments, stating most banks are "not prepared" to retain control of this service.

That said, Bain indicated that it believes at least some banks will successfully capitalize on the technology.

Bain & Co partner and report co-author David Gunn said:

"Despite hesitancy among many banks, we see evidence that companies are finding ways to overcome technical and adoption hurdles to avoid getting left behind."

For more details, read the full report here.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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