Regional US banks see in the cryptocurrency business risks

Not only the largest U.S. banks are worried about cryptocurrencies. Regional Bank WesBanco, according to the annual report 10-K SEC noted business risks, which carry the digital currency.

«Banks and other financial institutions can offer products and services that have no WesBanco, such as new technology payment systems and cryptocurrencies that could prompt current and potential customers to make a choice in favor of these financial institutions», — noted the representatives of the Bank.

WesBanco mainly serves customers in the state of West Virginia, and also works in Kentucky, Indiana and Pennsylvania. According to recent market data, it is the second largest Bank in West Virginia by asset size.

In another report, 10-K, published earlier this month, IberiaBank of Louisiana has noted that developments in the Finance industry, in particular bitcoin, it can be evaluated as a potential risk factor for competitiveness.

«Financial technological developments such as bitcoin have the potential to change the industry and ways of working of the banks. Investment in new technology to maintain competitiveness will lead to significant costs and increased risks of cyberattacks,» notes IberiaBank.

Earlier, representatives of the largest American banks — Goldman Sachs, Bank of America and JPMorgan Chase — also said that cryptocurrencies carry risks for business.

«Widespread adoption of new technologies, including Internet services, crypto-currencies and payment systems may require significant costs to modify or adapt existing products and services,» — said representatives of Bank of America.

The statement of WesBanco quite remarkable, because it indicates that crypto-currencies are beginning to influence the work of not only industry giants, but also regional financial institutions.

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