RUSI NewsbriefVOLUME 39ISSUE 8members only

A Cryptic Challenge: Banking Virtual Currencies


Main Image Credit Courtesy of Yurok Aleksandrovich /stock.adobe.com


Banks, guardians of the integrity of the financial system, cannot hide from the risks posed by cryptocurrencies; they must learn to move on from a poor strategy of avoidance and de-risking. 

Cryptocurrencies and their use and potential abuse are rarely out of the headlines. In 2017, the rapid and steep rise in the price of cryptocurrencies such as Bitcoin – at one point reaching a value of $19,783 before crashing to $6,000 just three months later – drew wide public and media attention. There has been a regular diet of press coverage more recently, with stories ranging from the plans announced by Facebook to create a new global currency powered by blockchain

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WRITTEN BY

Tom Keatinge

Director, CFCS

Centre for Financial Crime and Security Studies

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Kayla Izenman

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