Jamie Dimon, chief executive of JPMorgan Chase (JPM), said on Tuesday that he doesn't think Facebook's attempt to launch Libra's currency would pose a threat to JP Morgan Chase. The Libra coin project has recently been attacked by US President Trump and his government.
In a conference call with analysts, Dimon said:
"In the long run, we have been talking about the blockchain for seven years, but almost nothing happened. Let's talk about Libra for at least three years. I won't spend too much time on this."
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Of course, Dimon is also betting on a digital currency that his company has launched that could change the global payment landscape: JPM Coin. The move will be carried out within the scope of regulation of the largest US bank.
After the announcement of the Libra coin program on Facebook, the world's largest social networking site, central banks and officials around the world expressed concern. Last week, Trump said on Twitter that if the technology giant wanted to engage in banking activities, it must comply with banking regulations.
Dimon added on Tuesday that he believes that any new move by the bank must comply with the strict anti-money laundering regulations set by the US financial industry after the financial crisis.
“We don't mind competition. Our requirements are always the same: we want a level playing field. The government will insist that people holding or transferring funds follow the rules they have control, no one wants to help. And abets terrorism or criminal activity."