Trésorier/Treasurer magazine - N°85 - April/May/June 2014 - (Page 66)
LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE - N°85 - APR
/ MAY / JUN 2014
filed patent for
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
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.
Chairman of ATEL
Table des matières de la publication Trésorier/Treasurer magazine - N°85 - April/May/June 2014
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW L’impact du nouveau référenteil COSO sur les trésoriers
15 MINUTES WITH LCTE
THE FINANCIAL RISK OBSERVATORY - The World around us
Trésorier/Treasurer magazine - N°85 - April/May/June 2014