military experts
 Edit Translation

JPMorgan Chase plans to crush the global monetary and digital system

JPMorgan Chase plans to crush the global monetary and digital system

This American bank could lead the world of digital money

Banks began to show attention to cryptocurrencies from that very moment, when they were born. Somewhere from the end of the last decade. Especially after birth in January 2009 the year of the most famous private digital currency bitcoin. Some banks have created divisions, who began to study the prospects for the development of digital currencies and their impact on banking. The most daring banks are already doing quite practical things, especially the development and implementation of technologies blockchain. And the most advanced banks began to prepare projects for creating their own digital currencies.. The desire to be the first in the case of the "green light" for digital currencies was great.

AND, it seems, the bank showed the greatest desire to be the first JPMorgan Chase - a giant American bank from Wall Street, included in the "big four" US banks along with Bank of America, Citigroup and Wells Fargo. At the end of last year, assets JPMorgan Chase amounted 2.687 billion. Doll., and this, not counting trillions of dollars in assets, which the bank manages on the basis of special trust agreements. According to the results 2019 year, the bank's net profit was 36,4 billion. Doll., and the number of employees in all divisions at the end of the year was 257 thousand. human. For most indicators in the "big four" JPMorgan Chase It ranked first. JPMorgan Chase - the most expensive bank on the US stock market and, perhaps, throughout the western world. It is believed, which is bigger JPMorgan Chase three banking giants of China, but they surpass this American bank in terms of assets, and by market capitalization they are noticeably inferior to it.

Many experts successes JPMorgan Chase attributed to its CEO, to the president and chairman of the board of directors James Dimon (James L. Dimon), who is at the head of the bank for the fifteenth year. Daimon is called a "financial genius", "God of money", "The most creative banker", etc.. P.

The amazing feature of this banker should be noted: he was a very energetic opponent of any digital money. is he, do not hesitate, called bitcoin and other private cryptocurrencies by "fraud", having nothing to do with money. And fully solidified with the leaders of the US Federal Reserve and the US Treasury, who stated, that cryptocurrencies threaten the entire monetary system and the country's economy. Agreed with the heads of law enforcement organizations and departments, considered, that cryptocurrencies will only contribute to the spread of drugs, shadow business, crime.

To this day, journalists remember Daimon's bright speech at a banking conference in September 2017 of the year, when he threatened to fire any trader JPMorgan, seen in transactions with cryptocurrencies. The then speech of the head of the bank JPMorgan very excited by the camp of supporters of cryptocurrencies. They did not fail to respond to James Dimon and other Wall Street bankers, that they are the real scammers, and cryptocurrencies should put an end to banking fraud, thriving for at least three centuries. One of the brightest representatives of the cryptocurrency community, TV presenter Max Kaiser during his emotional speech at Erasmus University in Rotterdam, stated: Wall Street is a scam. America is a scam. Banks are a scam. Central Banks - Fraud. We live in an era of fraud ... Everything here is based on fraud, and they get their percentage from this fraud. This is the business model ... We live in an era of domination of financial terrorists ... The banking jihad is already here, to destroy yourself with us!»

And suddenly, in the position of the head of the bank JPMorgan there was a turning point. For many, Daimon's statement from 9 January 2018 of the year, when he regretted his previous tough speeches against cryptocurrencies. He admitted, that the blockchain technologies accompanying these cryptocurrencies deserve attention, that they can be used in banking and other activities, accelerating the speed of operations, increasing their reliability and reducing costs.

And then it turned out, what at that time, when James Dimon attacked cryptocurrencies, the London branch of his bank has already started developing a blockchain strategy. This direction was led by a young employee Oliver Harris. In April 2018 of the year JPMorgan jointly with banks ANZ and Royal Bank of Canada launched testing of its own blockchain platform the Blockchain. Network Quorum was developed in 2016 year within Ethereum Enterprise Alliance (EEA), one of the founding partners of which is JPMorgan. AT 2017 year bank JPMorgan launched the first scalable interbank network IIN (Interbank Information Network), created to solve long-standing problems of interbank information exchange, cross-border payments. Interbank information network uses the platform Quorum. December 2019 the network consisted of more than 365 participants, about 60 banks have already actively worked within its framework.

It can be assumed, that James Dimon and before 2018 of the year was not a fanatical opponent of cryptocurrencies, and his emotional attacks on such currencies were aimed at weakening the position of competitors in the digital money and technology market. AT 2018 year JPMorgan began work on transforming Quorum into an independent unit, which will be under the full control of this bank. Today Quorum became the main blockchain division of the bank. In February 2020 it became known, that it is planned to expand the bank's blockchain division by including a team ConsenSys - a well-known startup in the field of blockchain technologies. The startup was launched in 2017 year, it was initiated by a well-known person in the world of cryptocurrencies Joe Lubin, one of the co-founders ethereum (Etherium), second most popular after Bitcoin cryptocurrency. by the way, representatives of the Fintech community of companies reacted very emotionally to the news, that Joe Lubin will now work in a division of the largest Wall Street bank. They see it as a betrayal., because Fintech positions itself as almost an ideological enemy of banks and their business rival.

The announcement by a financial holding became even more sensational JPMorgan Chase in February 2019 years of plans to release their own cryptocurrency - JPM Coin. This cryptocurrency is based on a modified Ethereum blockchain platform., serving under the name of the network Quorum. If the Ethereum network is considered public, then on the network Quorum, where cryptocurrency circulates JPM Coin, data for each operation is encrypted in this way, that only participants in the transaction can access them.

Cryptocurrency JPM Coin belongs to the category of a new generation of digital money, called stablecoins. It is a stablecoin, its course will always be 1 U.S. dollar. Bank representatives JPMorgan Chase prefer not to name JPM Coin money, but they think, that it is just a "tool", which allows to improve payment and settlement transactions between banks. Unlike Bitcoin and other cryptocurrencies JPM Coin will not be sold on the open market. The required amount of bank cryptocurrency will be issued every time a money transfer is made, be immediately redeemed using regular currency for an equivalent amount and destroyed. In other words, JMP Coin will not go beyond interbank payment and settlement operations.

Now JPM Coin is undergoing a test run, system JPM can work to the end 2020 of the year. Different numbers of banks flashed in the media, who will participate in operations with the new digital unit, - from 250 to 400. Likely, these are the banks, who are members of an already operating network IIN (Interbank Information Network).

Bank JPMorgan Chase names the following pluses, which gives the use JPM Coin: acceleration of money transfer, especially when it comes to international transactions; the coin will be under the control of regulators and strict internal regulations of the bank JPMorgan, which will provide JPM Coin very high reliability; excluding the possibility of using transactions using JPM Coin for criminal purposes (bank clients, networked new digital unit, will be thoroughly checked) and others.

James Dimon is praising his digital brainchild in every possible way.. His Napoleonic plans are evidenced by his statements: JPM Coin only at first will be used for interbank transactions, and in time it will become available to the general consumer.

As it appears, Daimon is very counting on, what JMP Coin will help the formation of the official digital currency in the United States - that, which today is commonly called DCCB (Digital Currency of Central Bank - digital currency of the central bank). Least, bank JPMorgan Chase will become the main participant in the digital dollar project, which 2020 year began to actively promote. And as a maximum, the bank can become the leader of the whole world of digital money. Surely James Dimon dreams of, when the currency is the bank JPMorgan Chase will replace the US Federal Reserve System (About, that it can collapse overnight, even those speak today, who is far from understanding the intricacies of monetary wisdom).

It must be admitted, that after the bank launched JPM Coin all banks will have to deal with digital money problems, even those, who until recently was skeptical about this issue. Noteworthy comment Eda Yardeni (Ed Yardeni), former chief economist Deutsche Bank about JPM Coin: “If JPMorgan hadn't done this, it would have been done by someone else ". Now, according to Yardeni, large banks have no choice. They will either have to join the JPM Coin network, or urgently start developing your own digital currencies.

The title photo: REUTERS / Make Fresh


A source