PMorgan, the chief executive officer of the largest US bank, JPMorgan, reiterated his belief that Bitcoin is “worthless” and added that governments are preparing to regulate the crypto sector, Barron’s reports.
“No matter what people think, governments will regulate the industry. They will regulate it for reasons related to combating money laundering activities and for reasons related to the Bank Secrecy Act “, Dimon said during an event of the International Institute of Finance.
Published in 1970, the Bank Secrecy Act (BSA) provides a legislative framework that requires US financial institutions to support U.S. government agencies in detecting and preventing money laundering operations.
Clients in JPMorgan’s wealth management division already have access to some cryptocurrency exposure funds , but Dimon says his vision differs from that of other US chief bankers and the company’s board.
“Personally, I think Bitcoin is worthless (…) And I don’t even think people should smoke cigarettes. But I’m not interested. Our customers are adults, they don’t agree, and that matters inside the markets. We will give them legitimate and clean access to Bitcoin, “says Dimon.
China is looking for ways to punish the activities associated with the cryptocurrency industry. Beijing is waiting for legal interpretations of the restrictions
The price of the most valuable cryptocurrency in the world does not seem to be affected by the CEO’s comments. Bitcoin has fallen just 0.78% in the last 24 hours to $ 56,901, after rising 5% yesterday.