JPMorgan CEO: Facebook's Libra is "an idea that will never be realized"

By Liang CHE

Source: than push bitpush.news

According to Bloomberg News, Jamie Dimon, chief executive of JPMorgan Chase, the largest bank in the US, said Libra, the encryption project for social media giant Facebook, is "an idea that will never be realized."

0

According to the report, Dimon expressed his views on Libra in a panel discussion at a meeting of the International Finance Institute in Washington on Friday. In addition to indicating that Libra "will never be realized," he added that the idea is not particularly unique, and JPMorgan Chase has also released its own stable coin, JPM Coin.

In the ensuing discussion, Dimon and Morgan Stanley's CEO, James Gorman, also talked about the technical efforts of their respective companies and the risks associated with these developments. JPMorgan’s spending on technology this year exceeded $11 billion, while Morgan Stanley’s budget was $4 billion.

Gorman said that after the financial crisis broke out, the financial industry changed from the first choice of technical talents to the final choice, but the competition for senior talents in the industry is becoming more and more fierce. As more and more bank data is transferred to the cloud, he is concerned about potential risks.

Dimon warned clients that if they allowed a fintech company to access their bank account and the company was hacked, the bank account was lost, not JP Morgan Chase.

Reprinted must indicate the source.

Disclaimer: It is only the author's point of view and does not constitute investment advice. Investment is risky and at your own risk.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Wu's Weekly Picks: HSBC launches cryptocurrency ETF, US SEC rejects spot ETF application, Azuki criticized by community, and top 10 news (June 24-30)

Author | Wu's Top 100 Blockchain News This Week. US SEC Returns Spot ETF File According to WSJ, the US...

Blockchain

The first in the industry! US cryptocurrency exchange INX seeks IPO listing

The cryptocurrency exchange attempted to raise funds through IPOs rather than ICOs, and INX was the first. On August ...

Blockchain

FCoin's self-help campaign

The FCoin that stirred the entire exchange industry last year seems to be back after a long silence. Since February, ...

Market

South Korean Professor tracking Do Kwon's funds: Signs of Terra's collapse were evident in early 2019

Cryptocurrency fugitive Do Kwon has been on the run from Interpol for several months. A Korean professor has been cl...

Blockchain

Vicious competition causes frequent DDos attacks on exchanges. What is the cost of the attack?

Source: Financial Network Chain Finance Cryptocurrency exchange Bitfinex tweeted on February 28 that it was suspected...

Market

Is CoinDesk selling at a loss with a valuation of $125 million after being in business for ten years?

On the occasion of its tenth anniversary and after being held by DCG Group for eight years, CoinDesk, the cryptocurre...