29 Sep '17, 12am

RBC's CEO pushes back on suggestion bitcoin is a fraud

TORONTO (Reuters) - The chief executive of Canada’s biggest lender on Thursday pushed back on a suggestion by JPMorgan (JP.N ) Chief Executive Jamie Dimon that bitcoin is a fraud, though he said the cryptocurrency needs monitoring. Speaking at a Reuters Newsmaker event in Toronto, Dave McKay, CEO of Royal Bank of Canada (RY.TO ), said: ”Has Bitcoin misrepresented what it is? No. “What it’s solving is a way to avoid detection in moving money in our society and transferring value from one person to another,” McKay said. “I think where Jamie is probably coming from is it’s helping evade the supervision of moving money and from that perspective it needs to be monitored.” While banks have largely steered clear of bitcoin since it emerged following the financial crisis, the virtual currency is supported by a range of people, including technology enthusiasts, libertarians skeptic...

Full article: http://www.reuters.com/article/us-rbc-mcckay-reutersnewsm...

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