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| Jamie Dimon is not a Bitcoin fan despite JPMorgan filing patent for online payment system | Jamie Dimon is not a Bitcoin fan despite JPMorgan filing patent for online payment system |
| (35 minutes later) | |
| JPMorgan chief executive Jamie Dimon is not a fan of Bitcoin because "a lot of it is being used for illicit purposes". | JPMorgan chief executive Jamie Dimon is not a fan of Bitcoin because "a lot of it is being used for illicit purposes". |
| Speaking at the World Economic Forum in Davos, the Wall Street supremo said the virtual currency is a "terrible store of money" and questioned its legal status over allegations that it is used to fund illegal activities. | Speaking at the World Economic Forum in Davos, the Wall Street supremo said the virtual currency is a "terrible store of money" and questioned its legal status over allegations that it is used to fund illegal activities. |
| "It doesn't have the standing of a government," Dimon told CNBC. "And honestly, a lot of it, what I read from you guys, a lot of it is being used for illicit purposes." | "It doesn't have the standing of a government," Dimon told CNBC. "And honestly, a lot of it, what I read from you guys, a lot of it is being used for illicit purposes." |
| His comments come after the bank filed a US patent application for a computerised payment system, which would allow users to make anonymous transactions, similar to the cryptocurrency. | |
| Dimon, 57, also warned that Bitcoin faces major regulatory hurdles going forward and drew an interesting comparison between the banking industry and the virtual currency. | Dimon, 57, also warned that Bitcoin faces major regulatory hurdles going forward and drew an interesting comparison between the banking industry and the virtual currency. |
| He added: "Governments put a huge amount of pressure on banks: know who your client is, anti-money laundering, did you do real reviews of that... Obviously it's almost impossible with something like that". | He added: "Governments put a huge amount of pressure on banks: know who your client is, anti-money laundering, did you do real reviews of that... Obviously it's almost impossible with something like that". |
| Dimon himself knows a thing or two about regulatory hurdles after the bank agreed to pay about $20 billion to settle investigations into its activities over the past year, including the London Whale fiasco where a group of traders ran losses of $6 billion. | Dimon himself knows a thing or two about regulatory hurdles after the bank agreed to pay about $20 billion to settle investigations into its activities over the past year, including the London Whale fiasco where a group of traders ran losses of $6 billion. |
| The bank posted a 7.3 per cent decline in fourth quarter earnings, dragged down by legal costs in connection with former client Bernie Madoff’s ponzi scheme. The bank is set to pay $2.6 billion to US authorities and Madoff victims to settle claims. | The bank posted a 7.3 per cent decline in fourth quarter earnings, dragged down by legal costs in connection with former client Bernie Madoff’s ponzi scheme. The bank is set to pay $2.6 billion to US authorities and Madoff victims to settle claims. |
| JPMorgan had a 20-year relationship with Madoff before his arrest in 2008. Madoff is currently serving a 150-year jail sentence. | JPMorgan had a 20-year relationship with Madoff before his arrest in 2008. Madoff is currently serving a 150-year jail sentence. |
| Watch him in the video below: | Watch him in the video below: |