Entities Entering the Modern Financial System: China, Japan, and JP Morgan
By Nicolas Abington | Crescent City Capital Market Analyst Intern
As cryptocurrency and blockchain technologies enter the common dialogue, people are beginning to appreciate the advantages of using digital currencies. As we experience a slight bull run, everyone is attempting to see how they can take advantage of this promising technology for investment, efficiency and the overall improvement of the current financial system.
These advantages seem to be the calling card for entities like China that are now releasing the digital yuan and implementing blockchain technologies spearheaded by the People’s Bank of China. Japan has been following the process closely as they plan to implement something similar with their currency, the Yen. Even farther expanding than that is the use of JP Morgan’s Interbank Information Network (IIN) which is a blockchain to connect more than 70 banks worldwide.
There are always concerns of giant entities coming into the blockchain space as it defeats some of the values that cryptocurrencies are based around like privacy, personal control, and government independence. As adoption takes place we should celebrate the success of blockchain tech and help facilitate that any way we can.
Sources:
https://cointelegraph.com/news/peoples-bank-of-china-progressing-smoothly-with-digital-yuan