Attendees to this year’s Paris Fintech Summit were made of regulators, investors, enthusiasts, and bankers. If the 2018’s trend was to be anticipated, the summit would have been filled with positive crypto discussions.
But, bankers and other financial technology leaders seemed to question the maturity of the distributed ledger technology as they majorly based their arguments on the fall of crypto prices. Regulations were also depicted as a major hindrance in the adoption of cryptocurrencies and the blockchain technology.
According to Bloomberg:
With Europe’s new payments law now requiring banks to share customer account data with fintech firms, the prevailing vibe was that there’s plenty of action without messing around with crypto.
Gottfried Leibbrandt, CEO, Swift, said that:
Banks are not ready for a model where you convert into crypto and then back again. It’s not clear to us that blockchain is better than what we already have today.
But for Brad Garlinghouse, Ripple’s CEO, the difference between Ripple and Swift can be likened to the difference between Amazon and Wal-Mart. Brad is of the view that the time has come for Swift to exit the stage of cross-border and interbank payments because, among other things, it’s slow compared to what Ripple offers.
During the summit, Arese Lucini, the CEO of a London-based startup, Oval Money Ltd: said that:
Last year we could screw up, make mistakes, but you can’t do that anymore. Our adolescence is over.
Generally, the summit revolved around regaining banking basics with some like the governor of the Bank of France pulling the discussion towards artificial intelligence.
Instead of heated crypto discussions, discussions also revolved around banking solutions that involved creating virtual representations of products like debit cards and “everything that a bank does.”
Do you think the 80 percent drop in crypto prices prevented crypto discussions from taking center stage during this year’s Paris Fintech Summit?
Let us know your thoughts in the comments section below.