Societe Generale CEO Sees No Future For Bitcoin

Jay Crypto

Blogger

Societe Generale CEO Frederic Oudea joined a long list of bank executives to criticize Bitcoin and cryptocurrencies, saying that this domain has no future because of its anonymity, confirms CNBC.

The chief executive of French banking giant Societe Generale is convinced that digital currencies won’t be able to survived regulations issued by governments. Frederic Oudea added that he strongly believed in distributed ledger technology (allows data to be stored in enormous volumes across a secure network of computers), but virtual currencies tend to be more risky due to their anonymity.

Is there a future for Bitcoin?

The 54-years old baker continued his opinion saying that people who are making the transactions gain from this aspect. In these conditions, he doesn’t see how governments and regulators, who fight against money laundering, will let Bitcoin slide further.

“The anonymity of the transaction is a problem I think which would put pressure on Bitcoin,” said Frederic Oudea. And although Societe Generale has itself experimented with a blockchain-based trade finance platform, Oudea doesn’t see the situation quite the same. “I prefer to use the word distributed ledger technology and not blockchain.”

Societe Generale also relies on blockchain, but with other purposes

Originally created to serve as a digital log of all Bitcoin transactions, blockchain technology has transformed into a wildcard for many companies. Oudea explained that Societe Generale opted for a mix of crypto technology to secure transactions, suitable to his opinion that distributed ledger technology needs to have a defined set of players.

But Frederic Oudea isn’t the only big name banker who expressed his negative opinion on Bitcoin. Just last week, Credit Suisse CEO Tidjane Thiam said that the digital currency is “the very definition of a bubble,” while JP Morgan CEO Jamie Dimon also criticized Bitcoin by calling it a “a fraud” earlier this year. He even later stated that the cryptocurrency is “worth nothing” and those who invest in Bitcoin will someday pay the price.