BNP Paribas’ Bitcoin Plans

According to a report from the International Business Times, French bank BNP Paribas is considering adding Bitcoin to its monetary funds.

In order for the virtual currency program to proceed smoothly, data testing is underway.

A BNP Paribas spokesman stressed that while the new currency would bring many exciting benefits, now is not the time to unveil it.

What we are thinking about now is how to better apply this technology to the trading process to make it faster and more affordable, but all of this is still in the planning stage and is not yet fully mature.

One of the most prominent features of Bitcoin is the blockchain. It is a real-time record of all Bitcoin transactions that have ever taken place. The blockchain consists of entries one by one, just like bank announcements, and it is arranged in chronological order.

BNP is not the only bank looking to take advantage of Bitcoin, as one of its competitors, Société Générale, is also reportedly hiring software engineers with Bitcoin knowledge on a 12-month contract.

Currently, Bitcoin lacks industry regulations, its price fluctuates violently, and global banking institutions remain silent on Bitcoin. However, many companies around the world have begun to accept Bitcoin payments.

Coinbase, a bitcoin wallet and exchange company, has raised $10.6 million in venture capital funding. With big companies like this already dealing with bitcoin, the day is not far off when banks’ concerns will be lifted.