JP Morgan: Crypto isn’t bad, but it ‘needs to evolve’

JPMorgan’s resident blockchain expert has been speaking about the firm’s approach to blockchain and cryptocurrency, as well as some concerns.

Speaking at the Yahoo Finance All Markets Summit in New York last week, JPMorgan’s Umar Farooq said: “We all believe in blockchain good. I wouldn’t go so far to say cryptocurrencies bad. I would say [blockchain] and cryptocurrencies have issues.

“Everyone I talk to in the banking industry, regulators, central banks – everyone sees the potential. But everyone is trying to fundamentally grapple with the issues. I wouldn’t say crypto is bad, but I think crypto needs some evolution.”

Farooq’s boss at the company, however, didn’t necesarily share his opinions on the subject, and the former banker also took the chance to address comments previous made by Jamie Dimon.

“I think he’s backed off, clarified a couple of comments,” Farooq continued. “He’s always been super conistent in breaking the two apart – cryptocurrencies versus blockchain.

“In terms of cryptocurrencies, given right now the banking industry is facing these questions, I think his comments were quite relevant to the times. If you talk to many regulators, they possibly have similar feelings.”