Crypto Projects Pose No Threat to Banking System Says JPMorgan Chase CEOKehinde LAWAL
JPMorgan Chase CEO Jamie Dimon said that he does not think that cryptocurrency projects pose an existential threat to JPMorgan’s core business.
During an interview with Yahoo Finance on June 27, Dimon discussed crypto’s potential impact on the existing banking system:
“We move $6 trillion a day around the world. It is very cheap, very secure, it works. And the banking system has already built Zelle, real time p2p, and TCH, the clearancing house, with the banking system built real time payments. We already have all that.”
Dimon further stressed that all transactions are conducted in compliance with Know Your Customer and anti-money laundering procedures.
While the CEO stated that the bank’s core business is likely not threatened by crypto, he stated that they do provide healthy competition and that some firms “want to eat our lunch.”
In order to stay competitive, Dimon said that the firm is continually developing new offerings like free trading, robo investing and other services for its customers.
JPMorgan is reportedly expecting to pilot its own cryptocurrency JPM Coin by the end of 2019. Umar Farooq, head of digital treasury services and blockchain at JPMorgan, stated that the bank’s stablecoin has a potential to enable “instant” delivery of bonds via blockchain.
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