JP Morgan CEO "wouldn't spend too much time on" Libra

17 Jul, 2019
by David Robb
Opinion
JP Morgan CEO wouldn't spend too much time on Libra

In a recent interview with CNBC, the head of JP Morgan has claimed that he doesn't see the release of Libra as a major issue. Discussing how to deal with the threat it potentially poses, Jamie Dimon said that he "wouldn’t spend too much time on it".

Dimon has been deeply critical of Bitcoin and the cryptocurrency space in the past, but recently his attitude towards crypto seems to have changed slightly.

A few months ago, his own bank launched its own token, JPM Coin. This institutionally-focused remittance system was received with very little enthusiasm from the crypto community, and many pointed out that it was entirely centralized and didn't count as a crypto at all. However, these same criticisms have been levelled at Facebook's upcoming Libra stablecoin, and the two could potentially compete for some clients. 

The JP Morgan CEO insisted that he didn't perceive Libra as a threat at all: "To put it in perspective, we’ve been talking about blockchain for 7 years and very little has happened," he said during a conference call with analysts. "We’re going to be talking about Libra three years from now. I wouldn’t spend too much time on it."

As for regulations concerning Libra, Dimon said that AML and KYC rules will need to be followed by everyone: "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."

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