JPMorgan Chase CEO Jamie Dimon recently argued for Libra, Facebook’s stablecoin project, and said he doesn’t see the currency as a threat in the near future.
Dimon made the comments during a conference call earlier this week with fellow financial analysts. The CEO said he wouldn’t spend a lot of time on the cryptocurrency. He tried to put in perspective and mentioned how the industry had been talking about blockchain for the past seven years and there’s still very little movement on that part. He posited that analysts would also just be talking about Libra for years.
Anti-Money Laundering Law
The JPMorgan head also acknowledged that any new crypto offering would have to comply with the provisions of the Anti-Money Laundering law.
Dimon said that they don’t mind competition but will always request for a level playing field. He added that governments will always insist that the people who hold or move money should all follow the rules and controls that are rightly in place. He also emphasized that no one wants to assist or support criminal activities or terrorism.
Dimon’s comments follow statements made by US Treasury Secretary Steven Mnuchin on how cryptocurrency has been exploited and utilized to finance illegal activities like cybercrime, extortion, and tax evasion. The Treasury head also discussed the importance of regulations when it comes to managing organizations dealing with digital currency.
Developing Own Virtual Token
Like Facebook, JPMorgan is reportedly developing its own virtual token and is expected to have a pilot launch before the year ends.
The company’s manager of digital treasury services and blockchain, Umar Farooq, claimed that JPMorgan’s stablecoin could ensure swift bond deliveries by using blockchain technology.