The Chief Executive officer of The Royal Bank of Canada, David Mckay has said that he does not have a belief about Bitcoin being a scam, but he confesses that he has real concerns about the digital currency.
In his words, David Mckay said: “I would never call it a fraud because it is not misrepresenting what it is. People have placed value on what it is in different ways, and they are fine to do that, but it is not fraudulent in its misinterpretation.”
David Mckay’s speech has therefore been termed in contrast to the perspective of the Chief Executive Officer of JP Morgan Chase, Jamie Dimon who claimed that Bitcoin is a “fraud” in September. Subsequently, he has appeared to further believe in the negativity of the cryptocurrency by claiming that “it is worth nothing,” and that people investing in the currency will” pay the price.” According to him, even if the rate of the currency is $100,000, its price will still crash one day.
Despite the fact that the digital currency was not termed as fraudulent by David Mckay, he however still has some concerns about the money.
He further stated that “there are so many elements of a Bitcoin that do not convene to our current perspective on what a unit of currency should do. There are some real concerns about how the Bitcoin is being used that we have to resolve. In a bid to answer this, the bank is looking further into the technology behind it, the blockchain.”
The report has it that the Royal Bank of Canada was among the six banks that had combined to form the Ripple’s Global Payment Steering Group (GPSG) in March. They did this solely to effect an express inter-border payment.
Meanwhile, JPMorgan, Royal Bank, and Australia and New Zealand Banking Group LTD. are currently on a joint deal called the Interface Information Network to also effect an express payment process on the blockchain.