JPMorgan CEO Jamie Dimon assured that crypto regulation needs to be addressed fairly quickly in a letter to shareholders.
The crypto market must be regulated!
It is worth remembering that in 2017 Jamie Dimon called Bitcoin a fraud. And, now, he says there are serious emerging issues that need to be addressed, and fairly quickly: the growth of shadow banking, the legal and regulatory status of cryptocurrencies.
In fact, Dimon believes that fintech pose a huge competitive threat to banks. And, in this sense, he assured that banks are playing an increasingly smaller role in the financial system.
Therefore, Dimon seems to be requesting a regulation of the crypto market and fintech to achieve a level playing field for the parties.
However, as we have previously reported on CryptoTrend, the CEO of JPMorgan is not the only one to request that the crypto market be regulated. Likewise, we must remember that proper regulation could even push the crypto ecosystem to new levels.
But what do you think of Jamie Dimon wanting a level game between banks and the crypto industry? Leave us your comment!
Crypto mining in China is a danger to the environment
According to a Nature study, crypto mining in China could generate up to 130.5 million metric tons of carbon emissions by 2024.
In fact, the researchers argued that the increasing energy consumption and carbon emissions associated with mining Bitcoin could undermine global sustainable efforts.
If the predictions come true, the carbon emissions from crypto mining would exceed the carbon footprint of countries like the Czech Republic and Qatar.
Riot Blockchain continues to bet on mining
According to the press release, Riot Blockchain has expanded its fleet and mining capacity. This after acquiring 42,000 S19j Antminers from Bitmain.
“By nearly doubling its planned hash rate capacity, Riot continues to make great strides toward growing the share of the company and the United States in the global network hash rate. We are proud of this achievement and remain focused on continuing to evaluate additional opportunities in the space, “explained Megan Brooks, COO of the crypto firm.
Sweden completes first phase of a CBDC
Sweden’s central bank presented the first results of its central bank digital currency pilot on a network based on R3’s Corda Blockchain.
“The solution tested in phase one of the e-krona pilot has met the performance requirements established in public procurement. But this has taken place in a limited testing environment, the ability of new technology to manage retail payments on a large scale needs to be further investigated and tested, ”the report explains.
Crypto stablecoin USDC could outperform PayPal
Jeremy Allaire, CEO of Circle, assured that the crypto stablecoin USDC has what it takes to outperform PayPal in terms of dollar value of transactions.
Likewise, Allaire assured that the crypto already had approximately half of the total volume of PayPal payments in 2020.
In a few lines …
Large firms, such as JP Morgan and Ark Invest, expect an increase in the price of Bitcoin that could reach between 130,000 and 470,000 dollars. The Bank of Japan announced that the first test phase of its CBDC has already begun. exaggerated levels, showing how difficult it is for crypto to stay competitive.