Is Morgan Chase sour? Jamie Dimon commented on Libra: a brilliant idea that will never be realized

JPMorgan Chase CEO Jamie Dimon said that Facebook's unreleased Libra stable currency is "a brilliant idea that will never be realized."

Libra

On Friday, Dimon made this comment at the International Finance Association meeting. He said that the idea behind Libra is not unique. He further turned the topic to the stable coin JPM Coin issued by his company. He revealed that JP Morgan Chase spent more than $11 billion on technology development this year.

JPM Coin VS Libra

Dimon reiterated his previous views on Facebook's digital currency, saying that Libra would not pose a threat in a short time.

Dimon made it clear at the time, "In the long run, we have been talking about the blockchain for seven years, but there has been little progress." In three years, we will always talk about Libra.

Umar Farooq, head of the JPMorgan blockchain project, said the company's digital currency has three early applications, all of which are cross-border payments for large corporate customers. The current cross-border payment mainly relies on wire transfer and securities transactions provided by networks such as SWIFT and JP Morgan Chase's bond service business to replace the funds held by subsidiaries in various parts of the world.

Libra regulatory issues need to be resolved

This month, some of the founding members of the Lbira Association announced the abandonment of the project, including Visa, eBay, Stripe, MasterCard, PayPal and Booking. The reason these companies left the Libra project was allegedly because the project “cannot meet” US anti-money laundering standards.

Lael Brainard, a member of the Federal Reserve Board of Governors, said Libra may pose risks to consumers because they lack a clear understanding of the rights of token-based assets and the entire system.

The Libra Association has elected members of the board of directors and a group of staff this month, hoping to resolve issues such as supervision as soon as possible.