The day has come: Banks can’t ignore Bitcoin anymore.

[LakeBTC]

The day has come: Banks can’t ignore Bitcoin anymore. Not even the biggest of the big.

First up is Citigroup, the New York City-based global banking giant recently revealed to the International Business Times that it is developing its own version of Bitcoin.

Predictably branded ‘Citicoin,’ the virtual currency was coded by Citigroup’s research and design arm, Citi Innovation. Still in the early testing phase, a patent has not been filed for the mainly open-source cryptocurrency, which is based off of Bitcoin and its core blockchain ledger technology, a chronological public ledger of all Bitcoin transactions that have ever taken place.

This approach will allow for less complicated and less costly cross-border payments and other transactions.   

[...]

http://www.entrepreneur.com/article/248125

[Kazimir]

With "its own version of Bitcoin", they probably mean: a Citigroup-controlled clone of a money system whose main property is that it isn't controlled by anyone.

Banks still don't get that this is a contradiction. They can't own or control Bitcoin, and if they create some alternative that they do own or control, it misses the most important, fundamental property of Bitcoin.

[Amph]

if they really want to compete with bitcoin in a decentralized land, they should come up with their altcoin pos or pow(probably pos, because with pow they need to sustain their network with many asic and wasting tons of money at launch), and do a good distribution, based on ID, so no cheating is possible

[RappelzReborn]

"the New York City-based global banking giant recently revealed to the International Business Times that it is developing its own version of Bitcoin. "
Let me guess , Good bye decentralisation I guess . Debit card for high fees , exchange asks you for ID and passport , and now this . looking forward to what Bitcoin going to .

[Stn]

Should this thread be merged with https://bitcointalk.org/index.php?topic=1113207.0