JPMorgan Chase CEO says cryptocurrency is only useful for criminals, should be “shut down”

Cryptocurrency has been around for a lot of years now, but it still has plenty of high-profile detractors. Jamie Dimon, CEO of JPMorgan Chase and one such detractor of digital assets, reiterated his disdain for the crypto space Wednesday at the US Senate Banking Committee’s annual Wall Street oversight hearing. “I’ve always been deeply opposed to cryptocurrency, bitcoin, etc. If I was the government, I would [even] close it down,” Dimon said, referring to blockchain currency and it’s only supposedly true use case – criminals, drugs traffickers and the avoiding of regulatory sanctions for money laundering and tax evasion.

Though rarely in agreement with banking chiefs, Senator Elizabeth Warren of Massachusetts empathized with Dimon’s incredulity. “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,” said Warren.

Warren cited terrorism, illicit narcotics trades and lawbreaking nations as modern threats brought on by the potential for loophole financial activities utilizing blockchain currencies, and emphasised a need for the US legislature get a move on action to prevent abuse of crypto services.

Despite his discouragement about blockchain currency, the JPM Chase executive’s bank has intended to make $1 billion possible blockchain transaction processed per day by this Jordan’s stablecoin, indicating that maybe, the digital gold rush has be summoned to somewhere other than disapproval.

Robert Wilson author
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