Cryptocurrency

JP Morgan’s CEO Comments About the Effect of Facebook’s Crypto Libra

Facebook’s cryptocurrency Libra is driving in diversified opinions from all over the world. While some are eagerly awaiting it, multiple authorities have raised critical questions on the ambitious crypto project by the social networking giant. The latest remarks on Libra has been made by Jamie Dimon, JP Morgan Chase’s CEO. Dimon has said that he is not expecting Facebook’s Libra currency to have a short-term effect on the bank.

Dimon expressed his views during a conference analyst call on 16th July, according to CNBC reports. As per Dimon, it was very soon to start speculating how this effort, touted as the international currency for all the unbanked, will affect his enterprise and its prospects. JP Morgan Chase is the largest bank in the US and the leader, as per its latest annual report, when it comes to the United States retail deposits.

Continuing further, Dimon opined that the discussions on Libra would take 3 years to start from now. He also said he would not spend a lot of his time on it. Clarifying further, he said,

To put it in perspective, we’ve been talking about blockchain for seven years and very little has happened.

Dimon also said the new efforts have to be in compliance with the anti-money laundering standards of the industry. He added that they do not mind competition. All they are and will be requesting is a level playing field. He also stated that governments insist on people holding money or moving money live as per the established rules where the control lies with them. After all, nobody wants to abet or aid terrorism or other criminal acts.

In his previous interviews, Dimon has expressed that crypto firms might enter into competition with the legacy banks. But, according to his beliefs, it will be the regulations that would become the key factor in the way these technologies are brought to the masses, possibly prolonging their timelines.

It is worth noting that JP Morgan had disclosed last month that it intends to introduce pilot testing of its crypto JPM Coin by the year-end.

Facebook’s stablecoin Libra, on the other hand, was slated to be launched next year but recently it went on to announce that it won’t offer the crypto until all the regulatory concerns have been addressed.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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