Known for his stance against Cryptocurrency, Nouriel Roubini Tweets about JP Morgan’s Coin, which says otherwise about his views on digital money and Blockchain.
JP Morgan is a major American bank and financial institution. They recently introduced their JPM Coin, their own Cryptocurrency, that they claim is for payment transactions between their clients. In the US, they became the first to roll-out their Cryptocurrency.
The community did not like JP Morgan’s move, and they are showing their displeasure about it, and positioned it as centralized and it contradicts the fundamental attributes of Cryptocurrency and the Blockchain. The said Coin, they argued, is putting the control back to centralized authorities.
It follows the same concept as the Stablecoins, in a way that it is valued at roughly 1 USD. According to CNBC, their clients would receive the corresponding amount of Coins once they deposit the money. Once the Coin has been used on a transaction, it gets destroyed and the client gets the same amount of cash, correspondingly.
Ridiculous
On a Tweet he sent out, Nouriel Roubini said that JP Morgan’s Coin is as ridiculous as Ripple’s XRP.
“Ditto for XRP. It is as much of a joke as the new JPMorgan new pseudo crypto coin.”
There are people who appreciate the idea of banks issuing Cryptocurrency, like Twitter user @Tusharjain who showed his appreciation on his Tweet below, although a lot hated it.
“Banks were obviously never going to use XRP for settlements and enrich Ripple Inc (who owns more than half of all XRP). They would rather enrich themselves instead! Kudos to JPM for being first. They are going to wipe the floor with Ripple.”
In which the founder and CEO of The Block, Miked Dudas replied:
“JP Morgan, the bank whose CEO Jamie Dimon has called Bitcoin a “scam” and said “I don’t really give a shit about Bitcoin” is launching its own cryptocurrency. When @TheBlock inquired a month ago, JP Morgan blockchain execs denied this was in the works.”