Bitcoin is seen around the world in different ways. For some it is a means to survive, or send money to family. Others it is a fake, a fraud, and waiting to fail. Yet there are also those who believe in utilizing what it has to offer. And the RBC is a company that believes in the technology that the cryptocurrency has to offer.
Bitcoin and the RBC?
CEO of the Royal Bank of Canada; Dave McKay, voiced his own feelings on bitcoin on September 28th, and what he had to say was a little different from his fellow banking CEO earlier in the month. Instead of calling the cryptocurrency a fraud, he pushed back against it. However, monitoring of the currency itself did need to happen. Instead of firing employees trading bitcoin, Mckay instead said he would “probably ask them to stop”.
Yet, McKay does see value in Bitcoin. Just not monetarily.
RBC and the Blockchain
Bitcoin has two forms, the “coin” and the ledger. The latter is the form RBC CEO hopes to utilize. Banks enjoy promoting loyalty. This way they are able to continue working with the same families as generations potentially go on. McKay wants to utilize the blockchain ledger system in order to promote loyalty. A rewards program for customers would be perfect with the block chain ledger logging all interactions. While not going into too much detail he did state that starting out the ledger would not place customers money at risk.
The company already invests into artificial intelligence in order to predict behaviors of customers and more accurately protect against problems such as fraud. About 10 million canadian dollars in fact. The Royal Bank of Canada is looking out for its customers. And blockchain technology used by Bitcoin could be the future of banking in Canada. Maybe the world.