ABN Amro exec wants to stay away from bitcoin

Announcements | October 5, 2015 By:

Arjan van Os, the head of ABN Amro‘s innovation centre said the Dutch state-owned bank wants to stay away from bitcoin, but is interested in blockchain technology.

van Os cited the bitcoin’s associations with drug trafficking and illicit activities as the reason behind the bank’s decision to distance itself from the digital currency.

“We want to prevent bitcoin’s poor image reflecting on what we do with the blockchain, it’s underlying technology. We see many opportunities [in the blockchain]. Bitcoin itself is outmoded,” said van Os.

Van Os’ comments come amid an increasing interest in blockchain technology from some of the world’s biggest banks and financial institutions.

ABN AMRO is a Dutch state-owned bank with headquarters in Amsterdam.