De CEO van de Blockchain Unit van JPMorgan roept op tot consumentenbescherming bij projecten voor digitale activa

• Umar Farooq, chief executive officer of JPMorgan’s blockchain unit Onyx, stated that banks have to take precautions and implement steps to ensure consumer protection.
• JPMorgan Chase & Co. werkte samen met DBS Bank en SBI Digital Asset Holdings om transacties uitvoeren in tokenized foreign exchange and government bonds under Singapore’s Project Guardian.
• Farooq merkte ook op dat veel aspecten van de blockchain-technologie de capaciteit hebben om de huidige financiële infrastructuur te verbeteren en financiële diensten efficiënter, toegankelijker en betaalbaarder te maken.

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JPMorgan Chase & Co., een van de grootste multinationale investeringsbanken en financiële dienstverleners, heeft een nieuwe onderneming in de blockchain-industrie gedaan nadat het samenwerkte met DBS Bank en SBI Digital Asset Holdings om transacties uitvoeren in tokenized deviezen en staatsobligaties onder Project Guardian, zoals eerder gemeld door Bitnation.

In een interview met CNBC, Umar Farooq, chief executive officer of JPMorgan’s blockchain unit Onyx, stated that before implementing any experiment in the field of DeFi and blockchain, banks have to take precautions and implement steps to ensure consumer protection. However, he also noted that many aspects of the blockchain technology have the capacity to better the current financial infrastructure and also make financial services more efficient, accessible and affordable.

“What a bank needs to do from a regulatory point of view and customer’s point of view is that we need to protect our customers. We cannot lose their money,” Farooq said during a panel at the Singapore Fintech Festival 2022 on Wedneday.

Farooq is van mening dat de bedrijven die betrokken zijn bij het blockchain-experiment klanten kunnen blootstellen aan cyberbeveiligingsrisico's zonder de stappen voor consumentenbescherming te implementeren. Deze verklaring komt op een moment dat verschillende crypto-bedrijven vorige maand zijn gehackt, uitgebuit en leeggemaakt, waardoor het de slechtste maand voor de crypto-industrie is op het gebied van beveiliging in 2022.

According blockchain analytics firm Chainalysis, almost $3 billion have been drained in 2022 due to crypto hacks and more could be on the way. Some of the biggest crypto firms hacked include Mango Markets, BNB Chain’s BSC Token Hub, and many others. Moreover, within the first week of November, Panama-based crypto futures and options exchange Deribit verloor $28 miljoen in een hot wallet-hack deze maand.

“I do think you need some sort of identity solution or know-your-customer solution which verifies who the human being that is interacting is and what they are allowed to do. Because without that, in the longer term, it just doesn’t work,” he added in an interview with CNBC.

Farooq also confirmed that JPMorgan is currently using a solution called verifiable credentials which reside in the users’ crypto wallets and when any customer will use the new service to trade, their transactions will be secured via these credentials. Interestingly, Farooq also pointed out that the privacy feature of blockchains won’t hold for a long time as “sooner or later they will be in a money laundering incident.”

The CEO of JPMorgan’s blockchain arm believes that “education, protection and identity need to be in place” in order to safely send payments across borders without bringing the attention of the regulatory hammer.

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