Author Topic: JPMorgan Chief Continues Crypto Rant, Backs Stablecoins  (Read 455 times)

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JPMorgan Chief Continues Crypto Rant, Backs Stablecoins
« on: September 22, 2022, 08:08:50 AM »

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JPMorgan Chief Conti
[/color]On September 21, JP Morgan CEO Jamie Dimon again criticized digital assets during congressional testimony.[/color]“I'm a big believer in crypto tokens, which you call currency, such as Bitcoin. They are decentralized Ponzi schemes,” he added.[/color][/size]
This isn't the first time Jamie Dimon has taken a strong stance against [/color]cryptocurrency. During the 2017 bull run, Dimon also termed Bitcoin a scam, but later regretted for his remarks.[/color][/size]Interestingly, JPMorgan continues to offer cryptocurrency services to its institutional clients. Dimon, on the other hand, continued to reject them as useless. Despite Dimon's strong opposition to public cryptocurrency, he does not hold the same opinion on stablecoin.[/size]According to the JPMorgan Chief, stablecoins tied to the value of the USD or other fiat currencies would not be a concern if regulated properly. Legislators in the United States have been seeking to establish stablecoin regulations. Earlier last week, the House Financial Services Committee suggested legislation to support algorithmic stablecoins such as the TerraUSD.[/size][/size]The fall of the Terra ecosystem and its native UST stablecoin has sparked regulatory interest throughout the world. The nature of the collapse has made regulators uncomfortable in situations where a stablecoin's peg is tied to other native tokens.[/size]JPMorgan Chief on Blockchain[/size]JPMorgan Bank, America's largest bank, and Jamie Dimon both endorse blockchain. Indeed, JPMorgan's native cryptocurrency, JPM Coin, is utilized for instant cross-border transactions all around the world. The JPM coin has settled trillions of dollars in cross-border transactions in recent years. As an American media outlet report explains:[/size][/size]JPMorgan uses its own blockchain and token, JPM Coin, to perform intraday repurchase agreements, allowing other financial institutions to make short-term loans with high-quality collateral.[/size]In the past, Jamie Dimon had acknowledged the existence of decentralized finance (DeFi), which has the potential to replace banks in the future.[/size][/size]Read also: [/size]Crypto Prices Bounces As Fed Agrees On 75 BPS Hike[/size]


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