Cryptocurrency Regulation is Coming

Bitcoin regulation is on the way, and the leading cryptocurrency is ‘worthless’.

That’s the view of JPMorgan Chase & Co chief executive Jamie Dimon.

He said: ‘No matter what anyone thinks about it, government is going to regulate it. They are going to regulate it for (anti-money laundering) purposes, for (Bank Secrecy Act) purposes, for tax.'

Dimon was speaking at the Institute of International Finance Annual Membership Meeting earlier this week.

The head of the largest US bank has been an outspoken critic of crypto, but over the summer JPMorgan gave wealth management clients access to cryptocurrency funds. That means the bank's financial advisers can accept buy and sell orders from clients for five cryptocurrency products.

Regulation Won't Have Immediate Impact

His comments on bitcoin regulation didn’t appear to have any immediate impact on markets.

Dimon made it clear his views are different from the banks, but said he remains sceptical.

He added: ‘I personally think that bitcoin is worthless. I don't think you should smoke cigarettes either.

‘Our clients are adults. They disagree. If they want to have access to buy or sell bitcoin - we can't custody it - but we can give them legitimate, as clean as possible access.’