The Euro Banking Association (EBA) is an industry group for the European banking and payments industry. It has close to 200 member banks and financial institutions from Europe and the world among its ranks. The group researches the latest trends in the industry as well guides financial public policy in the region.
The report was produced by EBA’s Working Group on Electronic Alternative Payments in order to inform and advise European financial institutions about the technology how to use these emerging technologies.
The paper, which is titled “Cryptotechnologies a Major IT Innovation”, shortly touches upon existing cryptocurrencies, like Bitcoin and Ripple, but quickly moves on to talking about what could come from the non-currency uses of Bitcoin technology, like the blockchain.
“Until now, the most salient manifestation of cryptotechnologies has been Bitcoin as a ‘cryptocurrency’ application. This development bears testimony to the innovative potential of distributed consensus ledgers. Authorities, media and various industry professionals debate its potential, legal implications and chances for survival. Yet, some believe that we have only seen the tip of the iceberg of cryptotechnologies’ true potential, which goes far beyond the application of currency and is the focus of the present paper,”
This article has been extracted from http://bravenewcoin.com, please click on this link to read the article in full http://bravenewcoin.com/news/euro-banking-association-explores-digital-currencies-in-new-report/
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