The CEO of global financial services firm JPMorgan Chase, Jamie Dimon does not consider Facebook’s cryptocurrency project Libra as a threat in the foreseeable future, as reported by CNBC.
Dimon stated his opinion on the matter during a conference call with analysts on Tuesday, July 16. He wouldn’t spend too much time on Libra, specifically adding “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 for three years from now.”
As per Dimon, any new effort would have to comply with the industry’s Anti-Money Laundering provisions. He added:
“We don’t mind competition. The request is always going to be the same: We want a level playing field. And governments are going to insist that people who hold money or move money all live according to rules where they have the right controls in place; no-one wants to aid and abet terrorism or criminal activities.”
The statement comes after a press conference from the United States Treasury Secretary Steven Mnuchin, that discussed cryptocurrencies being used as a financial tool for illicit activity and the role of regulations with respect to crypto-dealing organizations. Mnuchin said:
“Cryptocurrencies such as Bitcoin [BTC] have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, randomware, illicit drugs, human trafficking […] This is indeed a national security issue.”
Reportedly, JPMorgan is planning to pilot its own digital token dubbed as JPM Coin by the end of 2019. JPMorgan’s Umar Farooq, the head of digital treasury services and blockchain stated that the bank’s stablecoin has the potential to enable instant delivery of bonds via blockchain.
Image Source – Pixabay.com