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Crypto regulation should be as strict as possible

Jamie Dimon, CEO of investment bank JPMorgan, is known as an opponent of bitcoin. He has previously stated repeatedly that cryptocurrencies are unsecured and volatile. Therefore, investors need to avoid such instruments in order not to lose their money. Now the banker is in favor of the most stringent introduction of crypto regulation. According to him, the industry’s influence has grown so much that there are real threats to the traditional banking sector. The head of JPMorgan stated his position in a letter addressed to investors. Daimon stressed that the scale of the criminal use of digital currencies has increased significantly recently. In this situation, the authorities need to focus on the early implementation of cryptocurrency market regulation. In addition, it is necessary to create a level playing field for both banks and blockchain startups. The giant JPMorgan, for example, is forced to compete with various digital platforms that are not yet controlled by anyone. Crypto-focused fintech companies are taking advantage of the lack of a regulatory framework and attracting more customers as they offer cheap and anonymous ways to send money. The banking sector is under threat. Supervisory authorities will be able to help him if they put the activities of crypto companies in a legal framework, the financier believes.

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