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Saturday, September 24, 2022

JPMorgan’s CEO Dimon Claims Crypto To Be Deterring And Fake

With crypto tokens, called currencies, on the one hand, and “genuine” inventions on the other, Jamie Dimon, JPMorgan’s CEO, states cryptocurrencies are like a story of two cities. Dimon described himself as a strong skeptic of crypto tokens like Bitcoin when speaking before the US Senate, referring to them as “decentralized Ponzi schemes.”

The HFSC held an oversight hearing where Dimon was questioned about his reasons for showing less interest in the cryptocurrency industry.  He says he finds value in decentralized finance, blockchain, and tokens that do things. He went on to criticize cryptocurrency tokens that pose as currencies.

JPMorgan’s Active Participation In Blockchain Technology

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Dimon has previously stated that he’s not interested in personally supporting the industry and initially called Bitcoin (BTC) a fake.  Occasionally, he changed his mind concerning cryptocurrencies, pointing out their significant applications, like cross-border payments. Considering Dimon’s opinions on cryptocurrencies, JPMorgan is actively pursuing blockchain technology. To improve settlement effectiveness, on October 20, the financial powerhouse introduced its own internal stablecoin. The JPM Coin was the first cryptocurrency supported by a U.S. bank. 

Onyx, a new business entity devoted to blockchain, was introduced after launching the coin. Global investment users have used Onyx for continuous international payments. launching its virtual lounge in the blockchain-based universe of Decentraland in February, JPM made history by becoming the first prominent bank in the Metaverse. 

Tahreem Kamptom, a former Microsoft executive, was hired by JPM to serve as its senior payments executive, according to an announcement. JPMorgan has been actively recruiting new employees to advance into blockchain and cryptocurrency. Having experience with cryptocurrency-related systems, Kamptom is anticipated to assist JPMorgan in exploring blockchain. 

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Other prominent bank CEOs were questioned about their intentions to support cryptocurrency mining during the session. CEOs of Citigroup, Wells Fargo, and  Bank of America have said that their respective institutions don’t have such plans.

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