Jamie Dimon: Libra A Great Idea That Will Never Happen

Must Read

Bitcoin Bull Rally Incoming? Market Price Keeping Below the Production Cost Ahead of Halving

Bitcoin is staying above its crucial level $9,000 for sometime now while experiencing some...

Trader shares the “Very Reason All Investors Should Hold some Bitcoin”

In 2020, the price of the leading asset had one of its worst one-day drops...

Bitcoin Sees an Influx of Retail Interest with Investors Doubling Down on HODLing

After tumbling down to below $6,500 yet again, Bitcoin went back above $7,000 in...
- Advertisement -BTCClicks.com Banner
Earn Free Bitcoin

JPMorgan Chase CEO Jamie Dimon has said that Facebook’s not-yet-released Libra stablecoin is “a neat idea that will never happen.”

Dimon delivered his comments during a speech at the Institute of International Finance conference on Friday, BNN Bloomberg reported on Oct. 18. Dimon said that the idea behind Libra is not unique and further turned the conversation to his company’s own stablecoin, JPM Coin, revealing that JPMorgan is spending over $11 billion on technological developments this year.

JPM Coin vs. Libra

Dimon thus cemented his previous statements about Facebook’s coin, when he claimed that Libra does not pose a threat in the foreseeable future. Dimon specified at the time that “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.”

JPMorgan’s native coin has three early applications, according to Umar Farooq, head of the company’s blockchain projects. These are cross-border payments for large corporate clients, which 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.

Companies are leaving Libra over regulatory concerns

October saw an array of Libra Association founding members abandon the project, including Visa, eBay, Stripe, MastercardPayPal and Booking Holdings. The companies are leaving the Libra project purportedly because it is “not up to par” with American Anti-Money Laundering standards.

A member of the Federal Reserve’s board of governors, Lael Brainard, said that Libra could pose risks to consumers due to a lack of clarity over their rights with respect to the token’s underlying assets and to the system overall.

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

Its’ Finally Here A 100% Local Non-Custodial P2P Cryptocurrency Marketplace.

Finfreeotc is soon launching a one of a kind peer to peer cryptocurrency market place. Their marketplace is 100% non-custodial,...

WorldMarkets continues with the success of its trading artificial intelligence

Today we live in the information age, and access to information is unlimited. And that produces the paradox of misinformation. That's why...

MyTvchain.com Records Growth for The First Blockchain ​​Web Tv Platform Dedicated to Sport Clubs And Athletes

Sophia Antipolis (France) and Singapore: The first web TV platform dedicated to sports clubs and athletes opened in...

Crypto-Broker Instacoins Receives Operating License in Estonia

Instacoins Estonia OÜ, a cryptocurrency brokerage, is pleased to announce it has received an operating license from the Estonian Financial Intelligence Unit (FIU). The...