‘Cryptocurrencies, such as Bitcoin, are decentralised Ponzi scheme’

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New Delhi: Cryptocurrencies, such as Bitcoin, are “decentralised Ponzi scheme”, mentioned Jamie Dimon, JP Morgan Chase & Co. leader govt officer (CEO) as a part of a congressional testimony on Wednesday.

“I’m a major skeptic on crypto tokens, which you call currency, like Bitcoin,” he used to be quoted via Bloomberg as having mentioned at his testimony.

However, Dimon mentioned that ‘stablecoins’ have been higher choices to crypto, if higher regulated, since they have been tied to the worth of Buck. JP Morgan is energetic in blockchain, Dimon added.

The newest spherical of Dimon’s grievance of cryptocurrency, which has been hyped a lot via the likes of Elon Musk, comes after he had known as Bitcoin a fraud.

In step with Bloomberg, Area Monetary Services and products Committee Chairwoman Maxine Waters and Rating Member Patrick McHenry were toiling to succeed in an settlement on a law referring to stablecoin.

“Under the latest version of the bill, it would be illegal to issue or create new “endogenously collateralized stablecoins” such as the ones very similar to TerraUSD, the algorithmic stablecoin that collapsed previous this yr,” mentioned Bloomberg which claimed to have accessed a replica.

Although Dimon has been useless towards Bitcoin, the JPMorgan makes use of customized blockchain and token known as, JPM Coin, to habits trade.

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