banks dismiss bitcoin

added. In-depth analysis on trade, emerging markets, M A, investing and more ePaper a digital replica of the newspaper. She called on central bankers to be open to fresh ideas and that it may not be wise to dismiss virtual currencies. Alibaba, for instance, dominates the mobile- and electronic-payment infrastructure though its Ant Financial subsidiary. Read more terms and conditions apply. Through its underlying blockchain technology, Bitcoin has the potential to facilitate secure, authenticated transactions between a buyer and seller, without the mediation of a bank or a government. Two weeks ago, Lagarde was speaking at the Bank of Englands conference in London where she stated cryptocurrencies like bitcoin could give central bank-issued currencies and existing monetary policies a run for their money. WeChat, for instance, which began as a messaging app, now facilitates peer-to-peer lending and money transfers without users interacting with a traditional bank. You would think that the leaders of the financial industry would be attuned to the potential for dramatic shifts. Jamie Dimon, CEO of JP Morgan Chase, called Bitcoin a fraud and said that he would fire anyone who traded it for being stupid. Trial, not sure which package to choose? Gift Article share up to 10 articles a month with family, friends and colleagues.

Read more, digital, be informed with the essential news and opinion, myFT track the topics most important to you. Read more, premium Digital Print, fT Newspaper delivered daily plus unlimited digital access. Related Stories, scott Rosenberg, bitcoin Makes Even Smart People Feel Dumb. The same is true for other new and untested digital currencies. Try full access for 4 weeks. In truth, the financial industry has been among the least nimble in adopting to the promise and peril of information technologies. Telegram or subscribe to our newsletter here. How about the revolutions of 1989 and the collapse of the Soviet Union? Thats sparked a new round of criticism from financial luminaries. FT Weekend full access to the weekend content. For 4 weeks receive unlimited Premium digital access to the FT's trusted, award-winning business news.