Trésorier/Treasurer magazine - N°85 - April/May/June 2014 - (Page 66)

ONLINE NEWS - Banks, LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE - N°85 - APR / MAY / JUN 2014 filed patent for BITCOIN-style payment system, competition for e-currency? 66 FR/EN VERSION End of 2013, JPMorgan Chase filed in 1999, in the USA, a patent application for a computerized payment system (recently updated) which could resemble some of major aspects of BITCOIN$, the new controversial virtual currency. Like for BITCOIN$, the bank would propose a new system to allow corporates or individuals to make anonymous electronic payment through the web, without revealing their name, their bank account number and paying fees. We can easily imagine that bodes a battle behind the stage between largest banks, credit card operators, internet leading innovators, mobile phone and PC's vendors and payment systems as PAYPAL or specialists as WESTERN UNION. Everyone will be keen to grab a slice of this rapidly expanding business. We all dream of being able to make secured payments via mobile and internet payments as we move more and more towards online purchasing. These new virtual currencies could one day challenge the biggest "hard" currencies as well as banks and credit cards. It would be awful to miss the virtual currency train, BITCOIN$ or any other one, isn't it? Today, credit cards remain the main way to make payments for online transactions. Banks should propose something similar, in terms of technology and features to the predominant virtual currency (i.e. Bitcoin). The fast appreciating crypto-currency moved a lot in last months and was extremely volatile. "Virtual cash" in a virtual "e-wallet" is not anymore financial-fiction. We will need someone to hold virtual coins on behalf of their customers and users. A virtual currency remains fragile and subject to imitations. Which one will emerge? Too early to tell you. It explains why JPM doesn't name these virtual currencies. New ones will try to emerge to solve weaknesses of existing ones. Foreign Exchange of virtual currencies could even be imagined. All this seems interesting and promising. However, we should never forget that behind this clear momentum towards virtual payment alternatives, the current trends are also focusing on transparency, fight towards money laundering and tax evasion. These virtual currencies could help and facilitate illegal transactions. The pursuit of this aim will be the major hurdle to the development of virtual currencies. Anonymity cannot justify and permit all. We would also need virtual transparency to succeed in developing new currencies for our e-wallets. There are many challenges ahead, I'm afraid. At this stage, it remains a potential new market to be explored and closely monitor without knowing whether it will effectively emerge in coming years. François Masquelier Chairman of ATEL

Table des matières de la publication Trésorier/Treasurer magazine - N°85 - April/May/June 2014

Couverture
SOMMAIRE
EDITORIAL
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW L’impact du nouveau référenteil COSO sur les trésoriers
FOCUS
FORUM
CORPORATE FINANCE
15 MINUTES WITH LCTE
NEWS
THE FINANCIAL RISK OBSERVATORY - The World around us

Trésorier/Treasurer magazine - N°85 - April/May/June 2014

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