JPMorgan Chase CEO says cryptocurrency is simplest useful for criminals, should be "close down"

What simply befell? Cryptocurrency has been round for quite a few years now, however it nevertheless has masses of excessive-profile detractors. One of those is JPMorgan Chase CEO Jamie Dimon, who says its handiest real use case is for criminals, and that he'd "close it down" if he had been the authorities.

Speaking on the Senate Banking Committee's annual Wall Street oversight listening to on Wednesday, Dimon stated "I've continually been deeply against crypto, bitcoin, and so forth."

"If I became the authorities, I'd near it down," he brought.

Dimon has in no way hidden his distaste for digital currencies, having described them as a hyped-up fraud and Ponzi schemes within the beyond.

Dimon said all through the hearing that the crypto industry became capable of move cash instantaneously without the oversight of regulatory controls imposed on bankers, consisting of those to save you money laundering, tax avoidance, and sanctions violations. "The handiest real use case for it's far criminals, drug traffickers," he said. Dimon and several different CEOs of big banks argued that crypto firms should face the equal guidelines as other monetary institutions.

Jamie "no crypto" Dimon

Senator Elizabeth Warren, who has rarely seen eye-to-eye with banking industry leaders, agreed with Dimon and the others.

"When it involves banking coverage, I am now not normally preserving fingers with the CEOs of multibillion-dollar banks, but that is a count of country wide protection," stated the Massachusetts Democrat.

Warren added that terrorists, drug traffickers, and rogue nations have to be barred from the use of crypto for his or her risky sports, emphasizing that it turned into time for Congress to act.

Dimon won't be a fan of crypto, however his financial institution is a huge proponent of the same blockchain technology it's miles based on. JPMorgan Chase's JPM Coin stablecoin, which allows clients to make blockchain-based bills, is dealing with $1 billion of transactions in line with day, a discern that might attain $10 billion in the next years.

Several huge banking groups and figures have spoken out towards cryptocurrency. The European Central Bank as soon as called it cumbersome, slow, costly, and on the street to irrelevance. Berkshire Hathaway CEO Warren Buffett said he would not pay $25 for all the Bitcoin within the world, and his late commercial enterprise partner Charlie Munger referred to as it "evil," in comparison it to a venereal disorder, and said it must be banned.

Other anti-crypto names consist of Bill Gates, World Wide Web inventor Tim Berners-Lee, or even Nvidia.