Jamie Dimon States Shocking Statement Against Libra
October 19, 2019 8:26 pm
Jamie Dimon, CEO of JPMorgan Chase said that Facebook’s cryptocurrency Libra is “a neat idea that will never happen”. According to BNN Bloomberg’s report, during a speech at the Institute of International Finance conference on Friday, the CEO stated that the idea behind Libra is not unique. He also turned his statement towards his company’s stablecoin, JPM Coin, stating that JPMorgan is spending over $11 billion on technological developments this year.
He also revised his previous statements about Facebook’s coin, when he stated that Libra does not pose a threat in the foreseeable future.
“To put it in perspective, we have been talking about blockchain for seven years and very little has happened. We are going to be talking about Libra three years from now.”
Umar Farooq, head of JPMorgan’s blockchain projects said that native coin has three early applications. These are cross-border payments for large corporate clients, that currently rely on wire transfers provided by networks like SWIFT, securities transactions, and usage in JPMorgan’s treasury services business to replace the funds that firms hold in various subsidiaries across the world.
Jamie Dimon was also against the world’s popular cryptocurrency Bitcoin. Last year he said that blockchain is a real technology, and Bitcoin is not the same as fiat currency. In September 2017, the CEO called Bitcoin a fraud at an investor conference held in New York City. He also added that it was “worse than tulip bulbs” and he’d fire anyone from his company that was found to be trading in cryptocurrencies.