Jamie Dimon: banks do not carry the existential threat of cryptocurrency, but competition will grow

The head of JPMorgan Chase, a leading financial holding company, Jamie Dimon, not so long ago, was critical of bitcoin and cryptocurrency in general. However, he now appears to have moved from the stage of denial to the stage of adoption, although he insists that cryptocurrency is undermining the banking industry.

So, in a recent interview with Yahoo Finance, Daimon noted that cryptocurrency solution providers offer services similar to banking, including money transfers and real-time payments. At the same time, he, although he does not believe that cryptocurrency carries an “existential threat” to banks, agrees that competition with the banking industry will increase.

“Competition will grow, be it cryptocurrency or another supplier of fintech solutions. We will always have competitors, ”he said.

According to Daimon, there are more and more companies that “want to take food away from us,” and this is a must-take.

“Blockchain is real, and the competition is also real,” he added, speaking of JPMorgan’s digital currency initiative .

At the same time, he believes that there are many questions about the future of the money itself. Some of these problems are caused by government actions, especially in determining exactly which solutions fall under banking regulation and other regulations like money-laundering laws.

Jamie Dimon also said that he did not talk to Facebook about the Libra project, although he didn’t rule out that someone from JPMorgan could lead from discussions with representatives of the world's largest social network.

Earlier this year, Daimon said he regretted having negative comments on Bitcoin in the past.

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