This ambitious plan will have to wait until the industry grows a bit. “I will not confirm the impossibility. However, when it is legit, then it will be a yes, “says the company’s CEO, Larry Fink. This was during the New York Times Deal book conference in Manhattan.
The Security Problem
The Security and exchange commission back these doubts, who dares not to get the approval of any highlighting applications. The commission through a letter dates January. They point out very important client security issues that need to get the address before the proposal receives any funding.
Bitcoin came into existence in 2008 to enable transactions that will not involve banks. However, the high level of independence is the main block to the success of cryptocurrency.
“For such a proposal to sail through, the government has to chip in,” Said Fink. “I don’ t think any government will be for such an idea unless they have the chance to learn all the money from tax evasion and many other issues,” he added.
Another reason why the proposal didn’t see light is the fact that bitcoins are being used to conduct rogue businesses. The currency is being used in dark web agencies to fund the sale of guns, illicit goods, and drugs. Some people have termed the Bitcoin as a priority currency for criminals.
Finks View on the Blockchain
Fink has joined the likes of JP Morgan’s Jamie and many other Wall of Street CEO’s who are all doubtful about cryptocurrency but are supportive of the technology. IBM, Facebook, Amazon, Deloitte and J.P Morgan Chase are some of the big brands working tirelessly to come up with sustainable blockchain solutions for businesses. The solution is largely not related to cryptocurrencies.
“We widely believe in the blockchain, “said Fink. According to him, blockchains will get a wide use in a mortgage application, mortgage ownership, Mortgages, or anything which owns a paper labor. With no doubt, blockchain is the future of all currencies.
Just recently, Former Statehouse Economic advisor together with President Gary Cohn of Goldman Sach was among the board members of a blockchain startup back in October. The industry has continued to attract big business moguls from across the world. Most notably being Wall of Street legends like Blythe Masters of J.P Morgan’s global commodities who have abandoned the archaic finance and are now running blockchain companies.