JP Morgan Chase Chief Executive Jamie Dimon took the crypto niche in a blow by giving some strict remarks on Facebook’s stablecoin, Libra Project. The spearhead added on to fuel the skepticism air that is hovering over the project since the announcement of its launch. He stated that Libra is “a neat idea that will never happen.” The leader shared his views on the cryptocurrency while addressing a conference organized by the Institute of Worldwide Finance in Washington on Friday.
Jamie restrained himself from elaboration his explanation on why he has opined such a future for Facebook’s crypto coin, Libra, but quoted:
We have already bought stablecoins, so that they’re no longer the essential to entire that.
Some time back, as per a report by the Wall Street Journal, JP Morgan held itself back from lending support to Libra because of the fear that the digital currency could be efficiently used as a strong medium for aiding illicit activities like money-laundering and terror financing.
Libra has been in the limelight for all the bad reasons in recent weeks as several eminent entities have refused to join the project. These high-profile entities included Visa, Mastercard, PayPal, and eBay. However, a consortium of 21 firms like Spotify, Uber, and Lyft have shown their support towards the stablecoin project of social media giant, Facebook.
David Marcus, the Libra Chief, stated that this week, he expected to earn support from 100 banking institutions and financial entities after the successful regulatory compliance by the cryptocurrency project. He added that Libra has been designed to comply with the highest standards of security, if not surpass the existing regulatory framework.
Dimon garnered a lot of attention in the past as well for his critical remark, where he described bitcoin to be a ‘fraud’ back in 2017. Later, he took back his words and regretted calling bitcoin a fraud. In February, JP Morgan entered the blockchain niche by launching “JPM Coin” which aided instant money transfers via a blockchain network.