Umar Farooq, the head of Blockchain at JP Morgan Chase feels that cryptocurrency houses massive potential but certain issues need to be addressed at first before the involvement of banks and other financial bodies. He revealed to Andy Serwer, the Editor-in-chief of Yahoo Finance at its All Market Summit that,
“I think we all believe blockchain [is] ‘good.’ I wouldn’t’ go as far to say cryptocurrencies [are] ‘bad.’ I would say cryptocurrencies have issues. I think we need to figure out how those issues get solved.”
Farooq is all praises for cryptocurrency which needs “some evolution” and has also voiced concerns over money laundering which is frequently entered into through the virtual mode. He said that the professionals and regulators of banking industry have to primarily secure the coast against money laundering and establish the customer’s identity.
Also Read: Jp Morgan CEO Jamie Dimon Regrets Calling Bitcoin A Fraud
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