Bank CEOs testify in US Congress, hot topics...blockchain and cryptocurrencies

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  • 9 months ago
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Bank CEOs stood to give testimony before the U.S. House of Representatives Financial Services Committee as it reviewed the change of climate in the banking sector since the 2008 crisis.

Amon the topics was blockchain technology and cryptocurrency.

Republican Warren Davidson outlines the evident changes in banking technology and included issues on cybersecurity, he also added that the U.S. was lacking behind the rest of the world on those particular issues due to its tight regulatory system.

Davidson addressed JPMorgan Chase CEO, Jamie Dimon, quoting his comments from 2017 when he referred to cryptocurrencies as “not a real thing,” indeed this very year JPMorgan released its own crypto token called the JPM and stated that “we are supportive of cryptocurrencies as long as they are properly controlled and regulated.”

“The part that is not real is that cryptocurrency is not supported by anything, there is no value behind it other than what the next personal pay,” said Dimon.

Chairman and CEO of the Bank of New York Mellon, Charles Scharf, was also addressed on the topic.

“Cryptocurrencies are very early in their existence. They are not significant today to speak of in terms of being used as a real currency to move value, and so we are actively thinking about what we want to do. One of the biggest issues that we have relates to any money laundering and KYC.”



Source: Smart Trend Team