Bain & Company: Banks almost missed out on digital currencies

Bain & Co believes banks could miss out on the adoption of digital currencies and the benefits that come with them.

The Boston-based firm has published a report that illustrates how financial institutions are taking a wait-and-see approach to digital currencies due to uncertainty in the regulatory and technological landscape.

The report specifically mentions international payments, suggesting that most banks are not yet ready to tap into this business.

Even so, Bain says at least some banks are successfully using the technology.

David Gunn, partner at Bain & Company and co-author of the report, said:

“While many banks are hesitant, we are seeing evidence that some are finding ways to tackle the technology and are prepared for the challenges ahead.”