US-based banking heavyweight JP Morgan Chase has issued a research, highlighting the foundation work being established by blockchain developments, for digital money, but claimed there are much to be done to achieve complete adoption. 

Specifically, the report revealed that the basic foundation layer, upon which mainstream adoption for blockchain, fast payments and cryptocurrencies will be streamlined in the future, has been finalized. 

However, a minimum of 3-5 years time frame is still essential so as to achieve complete adoption for blockchain across the banking sector. 

The report also claimed that significant projects, such as Facebook’s Libra stablecoin, requires an advanced level of centralization. 

“For a stablecoin like Libra to succeed, it will likely require short-term liquidity facilities, a source of positive-yielding reserve assets, and less distributed, semi-private networks.”

The report has also pointed out a few particular points where it can clearly be seen the crypto market has matured a lot, nominally the surge in institutional participation, along with the arrival of new contracts on legally authorized exchange platforms. 

However, the research also notified that the crypto assets appear to still be highly volatile, in terms of price value, and disclosed that Bitcoin (BTC) has already cleared “intrinsic value but have yet to demonstrate their value for portfolio diversification.”

“Developments over the past year have not altered our reservations about the limited role that cryptocurrencies play in global portfolio diversification or as a hedge instrument.”