JPMorgan Chase CEO Jamie Dimon mentioned Monday (Might 19) that the financial institution now presents its shoppers entry to bitcoin.
Dimon introduced this at the financial institution’s annual investor day, whereas reiterating his personal skepticism about digital forex, CNBC reported Monday.
“We’re going to enable you to purchase it,” Dimon mentioned, per the report. “We’re not going to custody it. We’re going to put it in statements for shoppers.”
Dimon added that he stays involved about points round bitcoin, reminiscent of cash laundering, lack of readability when it comes to possession and use in illicit actions, in accordance to the report.
“I don’t assume you must smoke, however I defend your proper to smoke,” Dimon mentioned, per the report. “I defend your proper to purchase bitcoin.”
It was reported in December 2023 that Dimon had been a vocal critic of cryptocurrencies for a while and that he advised a Senate Banking Committee listening to that if he had the ability, he would shut down all the trade.
Whereas he criticized cryptocurrencies, he had completely different views on blockchain know-how, and JPMorgan actively embraced that know-how for numerous tasks, together with the event of its proprietary stablecoin, JPM Coin.
The Federal Deposit Insurance Corp. (FDIC) offered new steerage March 28 saying that FDIC-supervised establishments can have interaction in crypto-related activities with out receiving prior FDIC approval, offered they adequately handle the related dangers.
Beforehand, beneath steerage that the FDIC rescinded, the company required prior notification of crypto-related actions.
“With right this moment’s motion, the FDIC is popping the web page on the flawed strategy of the previous three years,” FDIC Performing Chairman Travis Hill mentioned on the time in a press launch. “I count on this to be one in every of a number of steps the FDIC will take to lay out a brand new strategy for the way banks can have interaction in crypto- and blockchain-related actions in accordance with security and soundness requirements.”
Institutional adoption of digital property like cryptocurrencies and tokenized securities is seen as inevitable, though threat stays an impediment, PYMNTS reported Might 13.
The brand new wave of adoption is being led by extremely regulated establishments, that are grappling with the core query of threat throughout the blockchain.
