News

Wells Fargo launches Bitcoin consultative group

January 17, 2014

Wells Fargo has set up a group of experts to discuss rules of engagement with Bitcoin, according to the Financial Times. The group is made up of finance executives, virtual currency experts and representatives of the U.S. government.

The Financial Times said the group was set up by Jim Richards, a member of Wells Fargo's Compliance & Enterprise Risk Management Group, which provides regulatory compliance oversight for the bank.

Wells Fargo is seeking clarification on Bitcoin regulatory issues. "We have made enormous investments as a company and as an industry in a payments system that is secure, and we need to be sure we are up to speed with what other things are going on and their risks and rewards," John Stumpf, Wells Fargo's chief executive officer, said in the story.

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