NEW YORK (Reuters) – Jamie Dimon, JPMorgan Chase & Co (NYSE:) chief govt, stated on Monday at a convention that cryptocurrencies will likely be regulated by governments and that he personally thinks bitcoin is “nugatory.”

“It doesn’t matter what anybody thinks about it, authorities goes to control it. They will regulate it for (anti-money laundering) functions, for (Financial institution Secrecy Act) functions, for tax,” Dimon stated, referring to banking laws in a dialog held nearly by the Institute of Worldwide Finance.

Dimon, head of the biggest U.S. financial institution, has been a vocal critic of the digital forex, as soon as calling it a fraud after which later saying he regretted the assertion.

This summer season, JPMorgan gave wealth administration shoppers entry to cryptocurrency funds, that means the financial institution’s monetary advisers can settle for purchase and promote orders from shoppers for 5 cryptocurrency merchandise.

Stating that his views are completely different from these of the financial institution and its board, Dimon stated he stays skeptical.

“I personally assume that bitcoin is nugatory,” Dimon stated. “I do not assume you must smoke cigarettes both.”

“Our shoppers are adults. They disagree. In the event that they wish to have entry to purchase or promote bitcoin – we will not custody it – however we can provide them official, as clear as attainable entry.”

buying and selling confirmed no quick response to Dimon’s feedback. The cryptocurrency was final up 5% for the day at $57,304.