Based on a recent report, David Solomon, the Chief Executive Officer at Goldman Sachs has revealed that the firm plans to create its own digital currency like JP Morgan Chase, and the company is making enquiries on asset tokenisation and stablecoins like that.
“Assume that all major financial institutions around the world are looking at the potential of tokenisation, stablecoins and frictionless payments,”
He further revealed that he believes that the direction of stablecoins and asset tokenisation is a new path that the payment system will take. Special attention should be paid to the word “he believes”.
Solomon said this while he was asked to give his opinion on social media giant Facebook’s project Libra which he refused. He, however, said that:
“I find the principle interesting.”
A Change is Coming For Sure
When he was asked to give his opinion regarding virtual currency regulation, he said that “a change is coming for sure”
Although, what he means by that is unknown to anyone, but it has already been known for a while that several G-20 meetings have been held to discuss the regulation of digital currencies but all have proved futile.
There is a likeliness that a final decision is about to be made.
He commented that:
“I think regulators around the world are watching what’s going on. They wonder how it will work and are very attentive to payment flows,”
Meanwhile, JPMorgan Chase which recently said that crypto will never be of value anywhere except in a dystopian economy is now in the process of unveiling their JPM Coin which will operate on Quorum, a private version of Ethereum. How ironic.
The financial institution created is in collaboration with EthLab, and its purpose is to settle a part of transactions between clients of its wholesale payment business.