Although JPMorgan and Facebook coins can hardly be called cryptocurrencies due to the lack of their decentralization and independence from regulators, their very appearance may probably contribute to the spread of knowledge about cryptocurrencies, said Monero creator.

Riccardo Spagni, creator of one of the most popular confidential cryptocurrency and an ardent supporter of privacy and decentralization, made an unexpected statement about advantages of JPMorgan and Facebook digital currencies. In a conversation on the Speaking of Crypto Podcast, Spagni noted that the efforts made by JPMorgan and Facebook in order to launch their own digital coins are “really interesting.”

Spagni explained that, thanks to the extensive user base of the bank and social network, information about digital currencies and cryptocurrencies will reach millions, and possibly even billions of persons. He added that these centralized organizations will have to launch their own JPMCoin and GlobalCoin in accordance with strict regulatory standards. And if someone wants to go further and does not like this regulation, then thanks to these coins, one will still know about bitcoins and other cryptocurrencies. He added:

“I’m hoping will happen is people will be exposed to cryptocurrencies through something like Facebook and then they will become interested in it and will want something that’s a little bit more, something that gives them more control and more freedom, and then they will start like Bitcoin.”

Spagni also said that bitcoin is unlikely to ever achieve mass use. In his opinion, bitcoin will become a reserve currency.

“Reserve currencies are super useful and become like the underlying currency for like most of the cross border economic transaction in the planet, but it’s not the same thing as being used by a bunch of human beings to buy coffee and pay for their cab fare.”