JPMorgan Boss Says ‘Emerging Issues’ Like Cryptocurrencies ‘Need to Be Dealt With Quickly’ – Finance Bitcoin News


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Jamie Dimon, CEO of JPMorgan, has experience with cryptocurrencies, shadow banking and the financial technology economy (fintech). In a letter to JPMorgan shareholders, Dimon said that banks play an increasingly smaller role in the financial system and that a list of issues, such as digital currencies, that he mentioned need to be addressed – and quite quickly.

Letter from Jamie Dimon to JPMorgan shareholders Banks need to focus on the future

Jamie Dimon wrote a detailed letter to shareholders about the company’s achievements and future challenges. Dimon’s letter certainly meets the needs of his friends at Davos and the World Economic Forum’s Roadmap 2030. JPMorgan’s CEO addressed several of these objectives, including. B. combat climate change and increase the availability of funds to minorities with limited access to banking services.

In addition to the accomplishments and upcoming changes, Dimon noted that employees in financial positions are stuck in the past and there is a need to focus on the future.

Dimon points out that U.S. banks have gotten much smaller compared to shadow banks, fintechs and the size of big tech companies. However, the CEO of JPMorgan believes that it is more important for payments to go through the US banking system than through these alternatives.

Transactions by well-regulated, well-controlled and well-capitalized banks may be less risky to the system than those relegated to the shadows, the letter to shareholders said.

Competition and processing of crypto-currencies quite fast

Nevertheless, Mr. Dimon recognizes the need for competition in the financial world.

We need competition – because it improves banking services – and we need to manage emerging risks through fair regulation, to ensure the safety and soundness of the sector, he said. Despite the competition, Dimon believes there are serious problems that need to be addressed quickly.

Dealing with the past is not only slow, but also prevents us from dealing with the future, the JPMorgan chief said. There are serious challenges that need to be addressed – and quite quickly: the growth of shadow banking, the legal and regulatory status of cryptocurrencies, the correct and incorrect use of financial data, the enormous risk to the cyber security system, the correct and ethical use of AI, the effective regulation of payment systems, the disclosure of information in private markets, and the effective regulation of market structure and transparency.

Dimon was known for his dislike of cryptocurrencies and bitcoin, even calling the leading crypto asset a scam a few years ago.

That said, JPMorgan has shown a strong interest in bitcoin (BTC) and the economics of the digital currency over the past year. In February, he even called cryptocurrencies the worst hedge against major stock failures, saying that investors could put 1% of their portfolios in cryptocurrencies.

What do you think of Jamie Dimon’s position that bitcoin needs to be addressed pretty quickly? Let us know what you think in the comments below.

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