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David Whiteing, the CIO of the Commonwealth Bank of Australia or CBA
which will soon launch Ripple technology for its subsidiaries to
transfer payments between them, says that digital currency technology is
where the future of payments is heading. Ripple, a peer-to-peer,
distributed payments network supports both cryptocurrency and fiat
currency.
Whiteing says:
“Bitcoin is a protocol
which is now being replicated by non-asset based vendors like Ripple and
others. We absolutely see that’s where it’s going to go. The bank has a
role to play in that. The idea is to test in a controlled environment
what a bank-to-bank internal transfer might look like using crypto
rather than existing payment providers."