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“Cryptocoins Need Some Revolution” - JP Morgan


Feb 11, 2018 Posted /  3676 Views


“Cryptocoins Need Some Revolution”  - JP Morgan

In an interview with Yahoo Finance’s editor-in-chief, Andy Serwer the JP Morgan’s Executive,  Umar Farooq stated that cryptocurrencies have a good future. He believes that all the allegations it is facing about being a disaster are not right. Rather it has some minor defaults which can be fixed. We just need to find ways to do so.

He further stated that according to him the biggest issue which is described by banks and other Financial Institutions is Money Laundering. Due to pseudonym characteristic of cryptocurrencies banks cannot ascertain the name of the consumer and also can not trace transactions due to end-to-end encrypted technology. The regulators are aware of the efficiency of cryptos but the limitation of Money Laundering needs to be eliminated.

“We think cryptocurrencies need some evolution,” Umar Farooq

While talking about Blockchain Technology, Farooq stated that there is no harm that Blockchain Technology can possibly do. Rather, it is the desired technology which can bring radical changes in the infrastructure of business which fundamentally needs two parties to build trust.

“People will find there is always a need for a trusted advisor in the mix. And whether that becomes a role of [us providing] the infrastructure or whether we become someone who facilitates the data exchange and the data layer and the standards, there will always be a role. I don’t think it’s an existential threat in the short term,” - Umar Farooq

Although a CEO of a bank, Jamie Dimon does not acknowledge this point and completely oppose usage of cryptocurrency. Last year he called Bitcoins fraud and even restricted its employees from investing in them and called people investing in Bitcoins “stupid”.

Recently, in an interview with FoxBusiness, he told that his vision about cryptos has changed and regrets making the previous statement but yet not interested in cryptocurrency.

“The blockchain is real. You can have crypto yen and dollars and stuff like that. ICO’s you have to look at individually. The bitcoin to me was always what the governments are gonna feel about bitcoin as it gets really big, and I just have a different opinion than other people. I’m not interested that much in the subject at all.” - Jamie Dimon

JP Morgan is actively participating in Blockchain Technology and has invested millions in it. In October, JP Morgan executed a partnership contract with Royal Bank of Canada and Australia and New Zealand Banking Group which launched a new payment platform to enhance security.


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