JPMorgan Chase CEO Jamie Dimon. (File Photo: Reuters)
the solely true use case for it’s criminals, drug traffickers, cash laundering and tax avoidance, says Jamie Dimon
Taking a robust stand in opposition to cryptocurrencies, JPMorgan Chase CEO Jamie Dimon mentioned if he was the authorities, he would shut it down. Calling for a ban on cyptos, he mentioned the solely true use case for it’s criminals, drug traffickers, cash laundering and tax avoidance.
Speaking throughout an oversight listening to earlier than the Senate Banking Committee on Wednesday, Dimon mentioned, “I’ve always been deeply opposed to crypto, bitcoin, etc… The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance.”
“If I was the government, I’d close it down,” he added, responding to a query posed by Democratic Sen. Elizabeth Warren.
Dimon mentioned digital asset possession is partially nameless and its use doesn’t depend on conventional monetary techniques which might be effectively-regulated.
Dimon has beforehand additionally opposed cryptos. In statements final yr, he likened Bitcoin to a “pet rock”. He additionally known as Bitcoin “a hyped-up fraud”, a remark he later walked again.
Warren mentioned, “When it comes to banking policy, I am not usually holding hands with the CEOs of multibillion-dollar banks, but this is a matter of national security. Terrorists, drug traffickers and rogue nations should be barred from using crypto for their dangerous activities. It is time for Congress to act.”
Meanwhile, on Tuesday, December 5, Bitcoin rose 5 per cent to hit $44,083. Bitcoin is now up greater than 65 per cent from the yr’s low of $26,533 on October 11. Ether, the coin linked to the Ethereum blockchain community, rose 1.4 per cent to $2,275.7.
