Lenders May Create Bitcoin Rivals, Says New Zealand Bank Group
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Commercial banks may create digital currencies to rival Bitcoin, the virtual money whose U.S. dollar value collapsed by 46 percent in 24 hours last month, the head of New Zealand’s banking lobby said today.
Banks noticed the low cost of international Bitcoin transfers, and some may look to introduce competitors as a cap on issuance constrains the digital currency’s supply, Kirk Hope, chief executive officer of the New Zealand Bankers’ Association, said according to the e-mailed transcript of an interview with TVNZ television.