J.P. Morgan’s endeavor into the Crypto-Currency market is the beginning of a new era. While many think about hover boards, flying cars, and lasers as a glamorous futuristic civilization, the reality of it all is digital currencies controlled by the central banking system is more idealistic.
The future points to online currency, implantable chips, or devices that connect a persons wealth to body, making you the property of the government. To me this is just the beginning of the slippery slope that is government controlled online currency, once your wealth is completely online, with government control of transactions, stopping someone from being able to purchase items will become a breeze. – William H. Clark III
Many large crypto currencies will be absorbed into these banks as more begin to make the shift towards the online currency market. Now that banks are involved it gives the government incentive to begin its batch of regulations for cryptos outside of the United States federal Code, or not recognized by the United States government at all. This could also be why many of the largest crypto vaults have been hacked. Masked vigilantes or world governments hoarding crypto currency?
While the United States is beginning its dive into the Crypto market, Germany is drawing a parallel within its government as discussion on how implementing blockchain would benefit its growth. This move towards globally recognized Crypto, leads to an evident there are no exchange rates as the need to purchase or buy anything is on a database that covers the entire planet.
The most interesting part about J.P. Morgans Crypto revolution is that the chairman William B. Harrison Jr. used to be so critical of the dangers of using the format. While many within international finance regulations agree, The Financial Action Task Force (FATF) regularly issues recommendations and warnings regarding virtual assets, which they issued in regard to 15 members within the central banking industry wanting to produced nationalized currencies. This however was just issued in December of 2018. If we have learned anything about the Crypto Currency market thus far it is that drastic shifts can happen within a matter of days, hours, minutes. I guess we are seeing just how eager the Banking industries of the world are to accelerate the market in a way that uses government regulations.