Morgan Stanley Chief Executive Officer James Gorman takes a more measured view on the cryptocurrency than crosstown rival Jamie Dimon, the JPMorgan Chase & Co. head who earlier this month called it “a fraud” that’s in a speculative bubble worse than tulip bulbs.
Very large, established industries like financial services have strongly entrenched ways of doing business that, over time, have become inefficient, writes Mariam Nishanian, a representative for Dentacoin, adding blockchain can change that.
New policies in China and Hong Kong may be a way to clear the path for those issuers that wish to launch legally compliant and responsible token sales, writes Joshua Ashley Klayman, an attorney at Morrison Foerster.
China’s crackdown on cryptocurrency exchanges raises questions about the future of digital asset innovation, a movement that some bankers view as a threat and others embrace as a boon to payments, P-to-P lending and other activities.
China plans to ban trading of bitcoin and other virtual currencies on domestic exchanges, dealing another blow to the $150 billion cryptocurrency market after the country outlawed initial coin offerings last week.