International bank JPMorgan will allow clients to buy Bitcoin, but will not offer custody services, according to the bank’s CEO, Jamie Dimon.

The CEO remains skeptical of cryptocurrencies, particularly bitcoin, but shows a slight openness, although he still considers the asset worthless.

Earlier this year, he called bitcoin a Ponzi scheme. However, now, thanks to the country’s moderate openness to cryptocurrencies, the bank will offer this new option to its clients.

JPMorgan has been emphatic that it will not directly store cryptocurrencies. “This decision appears designed to minimize the legal and operational risks involved in managing digital assets, especially in light of traditional financial sector regulations.”

M.Pino

Source: diariobitcoin

(Reference image source: IKECHUKWU JULIUS UGWU on Unsplash)

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La entrada JPMorgan to allow clients to buy Bitcoin apareció primero en Bitfinance.

The leader of JPMorgan Chase, Jamie Dimon, voiced strong criticism against bitcoin and other cryptocurrencies during his remarks Wednesday at the U.S. Capitol, suggesting the need for their ban, CNBC reports.

“I have always been strongly opposed to cryptocurrencies, Bitcoin, and so on,” said the CEO of the leading US asset bank, answering questions from Democratic Senator Elizabeth Warren during the Senate Banking Committee session.

“The only real use it can be given to criminals, drug traffickers… money laundering, tax evasion. If I were the government, I would close it down,” Dimon added.

These statements represent Dimon’s latest offensive against cryptocurrencies, despite his bank’s strong involvement in blockchain technology, the engine of this industry valued at 1.6 trillion dollars.

On previous occasions, Dimon had described bitcoin as “an exaggerated fraud”, a comment he later retracted, as well as likening it to a “pet stone”.

During questioning by Warren and other bank executives at a routine hearing, it was agreed that cryptocurrency companies should be subject to the same anti-money laundering regulations as conventional financial institutions.

K. Tovar

Source: Bancaynegocios

(Reference image source: Precious Madubuike, Unsplash)

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La entrada CEO of JPMorgan issued criticism against cryptocurrencies apareció primero en Bitfinance.

The CEO of JPMorgan Chase, Jamie Dimon indicated that the institution is accumulating large amounts of cash to prepare for a possible rise in inflation.

The main objective of the largest bank in the United States is to be able to benefit from an upcoming increase in interest rates that may be generated.

“If you look at our balance sheet, we have $ 500 billion in cash. In fact we have been accumulating more and more cash waiting for opportunities to invest at higher rates”, highlighted Dimon during a virtual conference.

According to the head of the institution, the forecasts suggest that this inflationary phenomenon will not be temporary, but rather could generate higher interest rates.

“We have a lot of cash and capacity and we are going to be very patient, because I think there is a good chance that inflation will be more than transitory,” he added.

The debate on rising prices in the US has heated up in recent weeks, after learning that the consumer price index (CPI) rose 0.6 % in May and has placed year-on-year inflation at 5 %, the highest figure since August 2008.

K. Tovar

Source: Bancaynegocios

La entrada JPMorgan has large amounts of cash accumulated apareció primero en Bitfinance.