The head of London financial department of JPMorgan Chase & Co Oliver Harris will be responsible for the bank’s cryptcurrency strategy. He will also lead the project developed by the organization Quorum, aimed at creating the blockchain-platform of the bank.
The news that JPMorgan has decided to create its own cryptocurrency strategy is noteworthy in the light of the fact that earlier the bank’s head Jamie Dimon repeatedly made critical statements against Bitcoin. Later, however, he made it clear that he was “open” to cryptocurrency with proper regulation.
Details of what JPMorgan’s strategy in the field of cryptocurrency will be are not yet announced. It is assumed that the 29-year-old Harris will be responsible for the creation and promotion of the crypto-currency products, intended, for example, to store digital currencies.
For the past two years, Oliver Harris has been involved in the “In Residence” program, in which JPMorgan enters into agreements with prospective fi nite startups.
Earlier in an interview with CNBC, JPMorgan co-president, Daniel Pinto, said that the bank began to explore the cryptocurrency sector, although it remains skeptical about digital currencies.
In addition, lawmakers are going to study how the underlying bitcoin blocking technology can affect the work of financial institutions, including the Bank of England.
Representatives of the parliament already demanded comprehensive legal assessments, separation of clients’ and companies’ funds, “honest, transparent and not misleading” customer relations, as well as using cold wallets to store clients’ funds.
“CryptoUK will appeal to the government with a proposal to establish proper regulation to protect consumers and ensure business certainty, which will lead to the prosperity of this sector in the UK,” the statement said.