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JPMorgan’s CEO calls cryptocurrencies “decentralized Ponzi schemes.”

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News Tech: When a US senator brought up the executive’s past criticism of cryptocurrency, Jamie Dimon didn’t hold back.

With the right legislation, stablecoins — digital assets linked to the value of the US dollar or other currencies — wouldn’t pose a problem, and JPMorgan is involved in blockchain, according to Dimon.

In congressional hearing on Wednesday, the CEO of JPMorgan Chase & Co. stated, “I’m a huge sceptic on crypto tokens, which you term currency, like Bitcoin. These Ponzi schemes are decentralised.

The remarks are the most recent criticism of digital currencies by Dimon, who once branded Bitcoin “a hoax” before later apologising for the remark.

Tahreem Kamptom, a former Microsoft executive, was recently hired by JPMorgan to serve as its senior payments executive, according to a Sept. 9 announcement. JPMorgan has been actively recruiting new employees to advance into the blockchain and cryptocurrency field. Given that Kamptom’s Linkedin bio indicates he has experience with cryptocurrency-related payment systems, it is assumed that he will assist JPMorgan in exploring blockchain technology.

Other prominent U.S. bank CEOs were also questioned by the lawmakers about their intentions to finance cryptocurrency mining during the hearing. CEOs of Citigroup, Bank of America, and Wells Fargo have all said that their respective institutions do not have such plans, according to Jane Fraser, Brian Moynihan, and Charles Scharf.

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