Benches will be the first licensed blockchain bank in the European Union, having obtained approval from the Bank of Lithuania and received consent to act under the category of Electronic Money Institution (EMI). The bank’s infrastructure will run on Natrix, a hybrid blockchain built to meet all GDPR and banking secrecy regulatory requirements.
Under the Compliant Client Autonomy concept, Benker will give its clients full control over their bonds. At lightpaper of the bank shows some of the products that it will offer, which, at the moment, have nothing to do with cryptocurrencies, but with the technological transformation of banking. The bank will provide services to individuals and SMEs and a platform to buy and sell gold.
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Benker, the first blockchain bank
Benker will offer a prepaid card, the option to make payments with a QR code, the enablement of instant SEPA transfers and, above all, the option to have full control of the account. As they indicate, one of the possibilities offered by blockchain technology is to be able to activate an option that requires the permission of the account owner for any type of transaction. In this way, the user will have total control over the money deposited in the bank, one of the most demanded options since the financial crisis of 2008.
Precisely, Bitcoin was born as a response to the financial crisis of 2008 and with the idea of serving as a means of global payment, far from the control of governments, central banks or financial entities. However, in recent years, the regulators of the main Western countries have made it clear that there can be no currency that escapes the control of governments and their laws. In this sense, the approval of Benker by the EU is key in the transformation of personal finances. It does not escape the control of governments, but it does allow greater autonomy over our money.
Personal Finance Transformation
In this sense, Viktor Bodnár, CEO of Benker, hopes that his bank will serve as a catalyst for personal finance and be key to the future of the economy. “By adding blockchain to the way client accounts are securely managed, we offer constant transparency, traceability and full control over financial matters for our clients, creating the highest level of freedom. This is what we call “Compliant Client Autonomy”, an idea that is at the heart of Benker.”
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Benker’s CEO is very pleased with the EMI license. “We are introducing a new brand in financial services that can challenge the established order by expanding existing legal and regulatory safeguards with advanced technology-based safeguards achieved through blockchain. By obtaining our EMI license, we have been enabled to radically reduce clients’ exposure to financial market players. I see this as a step towards the New World Order,” says Benker.
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