The cryptocurrency has finally achieved its milestone by supporting the world economy in the time of the pandemic. Countries are lining up to make the best use of the crypto-blockchain technology in their public, government, and semi-government sectors.
The same has been the case with online e-commerce and financial giants such as PayPal and Patricia. PayPal is one of the giants in the e-payment sector is considering adding cryptocurrency as a payment method. Similar to PayPal, Patricia as an e-commerce solution is promoting the usage of the blockchain industry in the entire African region.
In recent events, JP Morgan, which is known worldwide for being a financial giant, has started paying some attention to the cryptocurrency industry. As per JP Morgan, the cryptocurrency industry will not be able to take over the traditional banking system in a matter of days.
JP Morgan commented that it will take about three to five years for the cryptocurrency industry to have some impact on the traditional banking system.
However, ABN AMRO, which is a Dutch bank is planning to run a test to measure how many of its customers are interested in the cryptocurrency platform. Based on that, they plan to start offering cryptocurrency wallets to their customers.
While commenting on the current economic state, JP Morgan also passed a comment on the reliability of the crypto-industry. They stated that during the global economic dip and financial crises, cryptocurrency was not the only transacting instrument.
As per JP Morgan, there were instruments that were less complicated and far more liquid transacting instruments available in the market. They added that the cryptocurrency has not turned out to be as promising as many have claimed it to be.
They also added that they were not able to find any major retailers who would be interested in adopting the cryptocurrency platforms and use them for the payments or transactional purposes.
However, JP Morgan has commended the growth and development the crypto-industry has displayed so far. They commented that the crypto-industry is more popular and adaptable in the small retail sectors that are run by individuals.