A JPMorgan official said at a panel he attended in Singapore recently that most cryptocurrencies, except for a few dozen, are still worthless and useless.
The Monetary Authority of Singapore, which takes steps to protect users in the crypto money industry, held a “Yes to digital asset innovation, no to crypto currency speculation” seminar. CEO of JPMorgan’s blockchain unit Umar Farooqmade statements about cryptocurrencies at the panel he attended in Singapore on Monday, August 29.
Expressing that traditional financial institutions have not yet fully adapted to the growing crypto money sector, Farooq also except for a few remaining cryptocurrencies “rubbish” described as:
Most cryptocurrencies are actually still junk. I mean, apart from a few dozen coins, everything mentioned is either noise or, frankly, just garbage waiting to disappear. In my opinion, you see that the well-established institutions of finance are a bit slow to integrate into the industry in general because of these cryptocurrencies, whose use cases have not been fully revealed and have not been included in the regulations.
In his speech at the panel, the crypto money industry is enough to attract the attention of the big players. immature JPMorgan official, who also included his statements, said that the blockchain industry is still a tool for wild speculation claimed to be used as While the JPMorgan company has become relatively crypto-friendly over the past few years, the banking giant is primarily to blockchain technology and that to specifically develop traditional financial services It focuses on how to use it.