FED: 4 out of 10 banks want to participate in Bitcoin technology

The US Federal Reserve (FED) interviewed a group of national and international banks who confirmed their interest in including products related to Bitcoin technology in the short and medium term. 

Digital innovation on everything

The SFOS, which translates as Senior Financial Officers Survey, seeks to gather information on the interests of banks both inside and outside the United States.

Of the 80 banks surveyed, 46 are domestic banks and 34 are international banks, although the Fed report does not list the names of the banks in question. 

The third and final part of the survey focuses on digital innovation. 40% of participating banks said they have a medium-high priority in developing products related to Bitcoin technology, such as DLT (distributed ledger technology) or cryptographic digital assets. The time horizon is two to five years. 

In the short term, over the next two years, the results reduce those interested in engaging with Bitcoin technology to just 27%. 

Technology skeptics

Meanwhile, around 17% of the banks surveyed did not quantify the level of interest in these products. However, most said they monitor the evolution of the use of this technology and are open to adapting to changes in the banking landscape. 

Bitcoin's moral and philosophical principles are radically opposed to those of banks, although that doesn't stop these financial institutions from trying to make the most of the technology that is part of Satoshi Nakamoto's creation. 

From the Ripple network, a private blockchain with the aim of being used by banks and financial institutions all over the world, to debit cards for the use of BTC, such as the one promoted by the Panamanian bank Towerbank; they are all examples of how banks try to surf the "wave of cryptocurrencies" without leaving the centralized sea they control.