CEO of American financial holding JPMorgan Chase Jamie Dimon (Jamie Dimon) spoke about their positive attitude to the blockchain, as well as the views on the cryptocurrency in an interview with the Harvard Business Review.
The journalist asked Daimon about the major competitive threats to its Bank, one of the “Big four” banks in the United States. The head of JPMorgan Chase admitted that most concerns him cause the so-called “new forms of payments” to which he took the products PayPal, Venmo and Alipay. These companies, according to Daimon, have successfully implemented core banking services in the operation of their services.
This businessman believes that cryptocurrencies such potential does not possess. He said that the digital currency is not the same as gold or Fiat money, which are supported by law. Cryptocurrencies may not be widespread, as there are restrictions for their use. However, the blockchain, according to Daimon, perspective. JPMorgan Chase even testing the technology and plans to use in the future for many applications.
Interestingly, the company’s official position about cryptocurrency at odds with the views of its CEO. So in September last year, Dimon called bitcoin a fraud and threatened to fire every employee who is caught trading cryptocurrency. However, later the banker became more restrained, but still skeptical to bitcoin.
With regard to the position of the company in February, JPMorgan Chase released a report that outlined the cryptocurrency as a competitive threat, putting pressure on the cost of products and services of the Bank. All this, according to experts, can lead to the fact that JPMorgan Chase will lose their market share. Also in another internal report of the company’s cryptocurrency was named the “innovative person of the maelstrom around blockchain technology”.
A good attitude to technology demonstrated and a patent application that JPMorgan Chase filed in may. It describes the peer-to-peer payment network that is running on the blockchain.
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