JP Morgan CEO Dimon: “If I were in the U.S. government, I would ban virtual currencies.”

2 months ago 23

Strongly criticizes virtual currency

Jamie Dimon, CEO of US financial giant JP Morgan, strongly criticized crypto assets (virtual currencies) at a hearing held by the US Senate Banking, Housing, and Urban Affairs Committee on the 6th.

Dimon explained that he has “always strongly opposed cryptocurrencies such as Bitcoin (BTC),” and asserted, “If I were in government, I would ban cryptocurrencies.”

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JP Morgan has been actively utilizing blockchain technology for some time, launching the digital currency “JPM Coin”, which is defined as a permission-based system using blockchain, and last month introducing real-world assets (RWA). It has also been revealed that the proof of concept will utilize Avalanche’s (AVAX) institutional network technology.

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What is RWA?

Abbreviation for “Real World Asset.” RWA that is tokenized on the blockchain includes real assets such as real estate, artwork, trading cards, and securities such as stocks and bonds.

▶Virtual currency glossary

connection:Why investors are interested in real asset tokenization and what is Real World Assets (RWA)?

Please note that the content of this public hearing is not specific to virtual currencies. It is held once a year to supervise Wall Street companies, and this time, in addition to Mr. Dimon, the CEOs of eight major financial companies, including Goldman Sachs, BNY Mellon, and Bank of America, participated as witnesses. are doing.

Mr. Dimon’s statement

Dimon’s remarks were preceded by Rep. Elizabeth Warren, who is skeptical of cryptocurrencies, pointing out the issue of cryptocurrencies being used to evade the Bank Secrecy Act and commit crimes. . Dimon was later asked for his opinion, and he replied:

I have always strongly opposed virtual currencies such as Bitcoin. As Sen. Warren pointed out, the real use cases for cryptocurrencies are crimes such as illegal drug trafficking, money laundering, and tax evasion.

The reason for this use case is that it is highly anonymous and allows for instant remittance.

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Dimon also said that if he were a member of the government, he would ban cryptocurrencies.

Warren also asked each CEO, “Do you think companies involved in virtual currency transactions should follow the same anti-money laundering rules as banks?” The answer is that everyone should follow this.

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