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JPMorgan CEO Jamie Dimon Tells Congress He'd "Shut Down" Bitcoin And Crypto

JPMorgan CEO Jamie Dimon Tells Congress He'd "Shut Down" Bitcoin And Crypto

Testifying earlier than the U.S. Congress immediately, Jamie Dimon, the CEO of JPMorgan Chase, stirred controversy by expressing his unfavourable opinions on the Bitcoin and crypto market. The famend banking govt acknowledged that if he held a place within the authorities, he would “shut down” Bitcoin and cryptocurrencies.

Dimon, who has been traditionally vital about Bitcoin and cryptocurrencies, reiterated his issues concerning how the belongings can be utilized. He emphasised that the federal government has the facility to implement strict laws and even shut down the whole crypto area.

“I’ve all the time been deeply against crypto, Bitcoin, and so forth,” mentioned Dimon. “The true use case for it’s criminals, drug traffickers, anti-money laundering, tax avoidance. And that could be a use case.” 

Dimon’s stance echoes his earlier sentiments concerning Bitcoin, as he as soon as labeled it a “fraud” and warned buyers about its speculative nature. Nevertheless, he has additionally acknowledged the underlying expertise, blockchain, as having potential purposes in varied industries.

“It’s some what nameless, not absolutely. And since you’ll be able to transfer cash instantaneously as a result of it does not undergo know you buyer, sanctions, OFAC — they’ll bypass all of that,” Dimon continued. “If I have been the federal government I might shut it down.”

Bitcoin has confronted criticism from a number of influential monetary figures equivalent to Dimon as a consequence of its decentralized nature and perceived dangers. You will need to be aware that whereas the federal government might be hostile in the direction of the business working in the US, no authorities may shut down the decentralized Bitcoin community.





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Written by bourbiza mohamed

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