CEO JPMorgan Chase: Crypto-projects do not threaten the banking system, but create competition.

James Diamond, CEO of the American financial holding JPMorgan Chase, does not see any threats to the viability of his core business in cryptocurrencies or related projects. He said so in a conversation with Yahoo! Finance on June 27th.

"We're moving $6 trillion a day around the world. Very cheap, safe, and it works. The banking system has already created a peering network for Zelle and a clearing house for TCH. Thanks to this, the banking system is able to make payments in real time. We already have all this," he explained, adding that banking solutions are distinguished by compliance with anti-money laundering and customer identification requirements.

At the same time, Simon admitted that cryptocurrency companies create healthy competition in the payment services market, and some of them "want to take away our bread". According to JPMorgan Chase's CEO, his organization is constantly developing new products, such as commission-free trading, robot investments, etc., to maintain competitiveness.

Despite Diamond's skepticism about crypto-assets, JPMorgan confirmed early in the year that it had developed its own digital currency for JPM Coin's corporate accounts.

So what do you think steemians , does world need cryptocurrencies if banks already have all functions ( by how jpmorgan thinks) ?