[NEW] JP Morgan CEO slams cryptocurrencies: "If I were the government, I'd shut them down"

Jamie Dimon, CEO of JP Morgan Chase Bank, strongly criticized Bitcoin (BTC) and other cryptocurrencies at the Wall Street company oversight hearing of the US Senate Committee on Banking, Housing and Urban Affairs held on the 6th, and argued that "cryptocurrencies (virtual currencies) should be banned."

In response to a question from Senator Elizabeth Warren at the hearing, Dimon claimed, "I have always been strongly opposed to Bitcoin and cryptocurrencies," and sharply criticized, "If I were the government, I would shut down cryptocurrencies."

Prior to Dimon's remarks, Senator Warren, who is skeptical of cryptocurrencies, pointed out the problem of cryptocurrencies being used to circumvent the Bank Secrecy Act and to commit crimes. After that, when asked for his opinion, Dimon criticized cryptocurrencies.

In addition to Dimon, the CEOs of eight major financial companies, including Goldman Sachs and Bank of America, participated as witnesses at the hearing, and they agreed that cryptocurrency companies should take measures to prevent money laundering regulations in the same way as major financial institutions. Warren agreed, showing strong solidarity with the banking group.

"This is a national security issue. Terrorists, drug traffickers, and rogue nations should be prohibited from using cryptocurrencies for dangerous activities. It's time for Congress to act," Warren said.

Positive stance on blockchain

Dimon, who is known for taking a negative stance on cryptocurrencies, along with investor Warren Buffett, who once described cryptocurrencies as "insecticide squared," has not changed his position even as the cryptocurrency market has recovered from its winter period and is once again on the brink of a bull market.

On the other hand, JP Morgan has been deeply involved in blockchain for a long time and is one of Wall Street's innovators when it comes to blockchain.

In 2017, it developed its own token, JPM Coin, which is transferred on the Ethereum blockchain. It has become popular with corporate clients, including FedEx and Siemens, as a fast, secure, and low-cost way to transfer large amounts of money, and Morgan has revealed that JPM Coin transactions exceed $1 billion a day.

Reference:Announcement
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