Large American international banking and financial services company JPMorgan Chase is getting more interested in the blockchain. One of the leaders at the company, Umar Farooq, the past week took the floor at Yahoo Finance All Markets Summit concerning cyber money, which took place in New York, to unveil how JPMorgan utilizes this tech trend.
Supporting Blockchain, Being Cautious with Bitcoin
According to CCN Farooq explained that JPMorgan is trying blockchain out to solve bank’s internal problems. Therefore, company’s position on the tech trend is very supportive. However, JPMorgan would not hurry with embracing cryptos.
“We all believe in blockchain good. I wouldn’t go as far to say cryptocurrencies bad. I would say, and cryptocurrencies have issues,” said Farooq, who is the Head of Blockchain Initiatives at JP Morgan.
Also, Farooq said that according to his observations, most bankers are supportive when it comes to blockchain and they see opportunities in it. At the same time, he believes that BTC has not reached its full potential yet:
“I wouldn’t say crypto is bad, but I think crypto needs some evolution.”
Reflecting on Jamie Dimon’s Position
On top of everything, Farooq also referred to previous JPMorgan CEO Jamie Dimon’s remarks concerning bitcoin. Last year autumn he called this coin a “fraud,” but later, in the mid-January Dimon admitted being wrong and claimed that “the blockchain is real.”
Farooq defended the position of his chief, saying that his remarks were up-to-date. Moreover, he added that Dimon has always been deliberately distinguishing the phenomenon of blockchain from the scene of BTC.
At the same time, Farooq said the bank has no intentions to launch bitcoin-based futures or their analogs in the foreseeable future as this matter is being studied right now. First of all, he emphasized the bank should work on the issues of anti-money laundering and know-your-customer policies. Once the institution is done with this, it might go on to considering the implementation of BTC-products for retail investors.