*Barclays’ executive thinks Bitcoin is the future of money*

Barclays is already in talks with fintech firms and regulators of financial services on the need to create a framework for bringing Bitcoin to the mainstream market, Barclay’s UK CEO, Ashok Vaswani while speaking at the Money 20/20 fintech conference in Copenhagen, Denmark revealed the plans of the firm.

Mr Vaswani revealed that Barclays is already in talks with UK’s Financial Conduct Authority (FCA) on finding ways to make Bitcoin safe and stable enough for the mainstream. In his words, “obviously (it’s) a new area, obviously an area we’ve got to be careful with. We are working our way through it.”

He also revealed that the Bank is keen on working Fintech companies to find ways to demystify Bitcoin and make it more readily accessible to everyday users who are not necessarily tech-savvy. In his words, “we have been talking to a couple of fintechs and have actually gone with the fintechs to the FCA to talk about how we could bring, the equivalent of bitcoin, not necessarily Bitcoin, but cryptocurrencies into play.”

Britain is home to many of the world’s biggest traditional financial institutions. Albert Pittman, a Saxon Trade market analyst observes that “the country’s economy is seriously interwoven with the fates of these traditional financial firms that calls Britain home”. Hence, it is unlikely that Britain will spearhead any innovation that could threaten the long-term profitability of traditional financial institutions.