JPMorgan Launches Blockchain-Based Interbank Transaction Platform

ABOVE VIDEO: Learn more about Quorum.

JPMorgan Chase is introducing a blockchain powered interbank payment program based off Quorum which uses the ethereum network.

Two other Australian banks, ANZ and the Royal Bank of Canada (Australia), will be joining JPMorgan Chase to form the “Interbank Information Network”, or IIN.


“IIN will enhance the client experience, decreasing the amount of time – from weeks to hours – and costs associated with resolving payment delays. Blockchain capabilities have allowed us to rethink how critical information can be sourced and exchanged between global banks,” said Emma Loftus, head of global payments and foreign exchange for JPMorgan Treasury Services.

Jamie Dimon, CEO of JPMorgan Chase, is already back to comment on the substantial gains of Bitcoin in just the last few days.
Jamie Dimon, CEO of JPMorgan Chase, is already back to comment on the substantial gains of Bitcoin in just the last few days.

Additional banks are likely to join the network in the coming months, with a particular attention on the correspondent banking market.

Despite JPMorgan Chase CEO Jamie Dimon’s anti-bitcoin position, blockchain technology, the underpinning technology of bitcoin, has been an area of emerging emphasis for the Wall Street mega-bank.

With significant resources allocated to ingenuities like Quorum, the Hyperledger Project and the Enterprise Ethereum Alliance, the future of blockchain technology looks very optimistic.



World Bank President Praises Blockchain Technology

Jim Yong Kim, president of the World Bank, has publically praised blockchain technology during a media appearance Thursday.


“Blockchain technology is something that everyone is excited about, but we have to remember that bitcoin is one of the very few instances. And the other times when blockchain was used they were basically Ponzi schemes, so it’s very important that if we go forward with it, we’re sure that it’s not going to be used to exploit,” Kim said.

Jamie Dimon, CEO of JPMorgan Chase, is already back to comment on the substantial gains of Bitcoin in just the last few days.
Jamie Dimon, CEO of JPMorgan Chase, is already back to comment on the substantial gains of Bitcoin in just the last few days.

The World Bank is an international bank that lends money and other help to developing nations for infrastructure with the goal of reducing poverty.

“It takes three seconds, three seconds, to transfer as much as $160,000 to anybody who’s part of the Alibaba network, because they can assess creditworthiness in three seconds,” he said.

In June, the World Bank founded a blockchain laboratory to encourage research projects seeking to apply the technology capital formation.

Randeep Sudan
Randeep Sudan

“What we recognize is that whenever there is a new technology or process or development, whether it’s small or large, is that the success of those individual systems and innovations are primarily dependent on the human processes that accompanies them,” said Randeep Sudan, a digital strategy and government analytics advisor at the World Bank.



Jamie Dimon Calls Bitcoin Buyers ‘Stupid’

Jamie Dimon, CEO of JPMorgan Chase, is already back to comment on the substantial gains of Bitcoin in just the last few days.

On October 12th, Dimon fraudulently declared that he would not talk about bitcoin anymore.


“I wouldn’t put this high on the category of important things in the world, but I’m not going to talk about bitcoin anymore.”

Not even one day later, Dimon is back talking about the cryptocurrency.

“If you’re stupid enough to buy it, you’ll pay the price for it one day,” he said at an event accommodated by the Institute of International Finance.

Dimon also allegedly said that he “could care less about what bitcoin trades at.”

These remarks stem from his notorious dictum that bitcoin is a “fraud”, which rightfully drove harsh backlash from the cryptocurrency community.

RELATED: John Mcafee Predicts Bitcoin is Headed to $500K In Three Years

“Jamie ‘Demon’, as I like to call him, of JPMorgan came out and said bitcoin was a fraud. Three days later, it was shown that JPMorgan was buying up a ton of bitcoin in the marketplace,” said Jeff Berwick of The Dollar Vigilante in an interview with Luke Rudkowski of We Are Change.

Jeff Berwick
Jeff Berwick

“He was saying that to get the bitcoin price down. I think they’re buying it because they’re realizing they can’t stop it, it’s going to be huge, it’s going to go up in value tremendously, and they’re trying to figure out how they can take advantage of it or how they can control it – but the real deal is they can’t.”

Meanwhile, Blockswater, an algorithmic liquidity provider for blockchain-based assets in Sweden, has filed a market abuse complaint on Dimon and JPMorgan.

Blockswater claims Dimon intentionally spread dishonest and misleading information.








“I could care less about bitcoin. I don’t know why I said anything about it. The blockchain is a technology which is a good technology. We actually use it. It will be useful in a lot of different things. Gold bless the blockchain. Cryptocurrencies, digital currencies, I think are also fine. JPMorgan moves $6 trillion around the world every day, and we don’t do it in cash, it’s done digitally. If it can be done digitally with the blockchain, so be it. But it will still be a dollar cryptocurrency. What I have an issue with is a non-fiat cryptocurrency. So crypto sterling, euro, yen, they are all fine. I don’t personally understand the value of something that has no actual value. You all can do whatever you want and I don’t care.

“I could care less what bitcoin trades for, how it trades, why it trades, who trades it. If you’re stupid enough to buy it, you’ll pay the price for it one day. I’ve also told people that it can trade at $100,000 before it trades to zero. Tulip bulbs traded for $75,000 or something like that.

“The only value of bitcoin is what the other guy’ll pay for it. Honestly I think there’s a good chance a lot of the buyers out there are out there jazzing it up every day so that maybe you’ll buy it too, and take them out.

“I quite mean that by the way. People are very good at manipulating the press these days and getting news out. Every day, you have CNBC, nonstop bitcoin — Who cares about bitcoin? The world economy’s so big, JPMorgan alone, $6 trillion, we move all this money, and bitcoin in total, all these currencies, $50 billion dollars, maybe a billion dollars trades a day.

“The other thing I’ve always [said] about bitcoin, governments — and this is not a technological statement — governments are going to crush it one day. Governments like to know where the money is, who has it and what you’re doing with it, in case you haven’t noticed. Right?

“And governments like to control their currency, like to control their own economy. So China’s already put curbs on it. Japan, they say Japan accepted bitcoin. No they didn’t. What I gather Japan did was they call it J-coin. It’s a yen cryptocurrency. It’s not a non-fiat [digital currency].

“People have said legitimately ok, it’s close to gold. Not really. Gold is limited, it’s been around for along time. [People also say bitcoin is] close to a fiat currency. Not really. A fiat currency is when a government says this is your legal tender, you have to give it and accept it.

“And a central bank — of course they can misuse it. The central bank [can also] inflate it. So there is a use case for bitcoin. If you live in Venezuela, North Korea, if you’re a criminal, great product. I mean that. It’s better than cash or deposits in that country. Cuba.

“But this is the last time I’m ever going to answer questions about bitcoin because I really don’t care.

“When I made that ‘stupid statement’ [calling bitcoin a] fraud, my daughter sent me an email saying, ‘Dad, I own two bitcoins.’ My formerly smart daughter.”



IMF’s Christine Lagarde Says Cryptocurrencies To Cause ‘Massive Disruptions’

Christine Lagarde, Managing Director of the International Monetary Fund (IMF), believes it’s time for central banks and regulators to get serious about cryptocurrencies.


“I think that we are about to see massive disruptions,” Lagarde told CNBC, during the IMF Annual Meetings in Washington D.C.

Lagarde challenged JPMorgan Chase CEO Jamie Dimon’s heavy criticisms of bitcoin as a “fraud” last month, and advised against the cryptocurrency sphere as speculative or fraudulent.

“I think we should just be aware of not categorizing anything that has to do with digital currencies in those speculation, ponzi-like schemes,” Lagarde said.

“It’s a lot more than that as well.”


PNC Bank Allegedly Threatens Customer Over Bitcoin Purchase

According to Reddit user, EliToohey, US bank PNC threatened to close customer accounts if they do not disclose why they purchased cryptocurrencies.

Blockchain Daily has tried to reach out to the bank in regard to the innocent but has not received any communication back.


“I’ve had a banking relationship with PNC Bank for 15 years and I just got a call to verify unusual activity,” the post reads.

“He asked me to confirm a couple transactions then asked, ‘For what purpose are you buying Bitcoin’”.

The purchase was made from exchanges Coinbase and Xapo.

“I told him I wouldn’t answer, he then asked, ‘What are you going to do with the Bitcoin’”.

“I again told him I wouldn’t answer. He then informed me that his security team told him they would ‘exit the relationship with me’ if they didn’t get satisfactory answers.”