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Russian bank looks to create new digital currency to compete in Bitcoin market

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The growing number of major banks seeking to profit from the Bitcoin phenomenon is escalating around the world. On Dec. 13, the largest bank in Russia issued a statement that are looking to get into the digital currency market by creating their own version of 'Bitcoin', and is advocating that digital currencies are not only here to stay, but are the future of commerce.

Hot on the heels of JPMorgan's "web cash" developments in the virtual currency arena, the CEO of Russia largest bank - Sberbank - appears to be looking for alternatives...

*SBERBANK CEO GREF SAYS FUTURE BELONGS TO VIRTUAL CURRENCIES

*GREF SAYS DEVELOPMENT OF VIRTUAL CURRENCIES 'CAN'T BE STOPPED'

*SBERBANK CEO CALLS FOR GREATER REGULATION OF VIRTUAL CURRENCIES

*SBERBANK MAY FORM OWN VIRTUAL CURRENCY ON BASIS OF YANDEX MONEY - Zerohedge

Sberbank seeks to join JP Morgan Chase who just this week announced they were also looking to create a new digital currency based on the success of market leader Bitcoin. These announcements by two of the largest banks in the world offer both a technological and monetary look at the future of money, even in a niche environment for consumer commerce.

The inevitable problem for many crypto currencies such as Bitcoin is the threat of saturation from both private and public entities as profit seekers and entrepreneurs rush to join the new frontier of digital finance. This was seen yesterday when FinCen raided physical Bitcoin producer Casascius, and issued warnings against the company based on money-laundering regulations tied to the minting and distribution of physical money.

The rise of digital money and the success of Bitcoin will always draw competition, with banks such as JP Morgan Chase and Russia's Sberbank seeking to dominate the market through their vast access to capital and connections. But what is undoubtedly clear, is that digital money, particularly in its power over internet commerce, is a frontier that everyone is now rushing to get into.

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