Jamie Dimon, CEO of JP Morgan, once again decided to comment on the cryptocurrency market (despite the fact that he promised he would never do it again). This time, he was quite disrespectful about LibraCoin, the planned digital currency of Facebook.
Asked on CNBC about LibraCoin and the influence of Facebook’s digital currency on JP Morgan, he replied:
“We will talk about Libra for three years from today. [ Now ] I would not sacrifice her too much time. […] If we look at it from a broader perspective, we have been discussing blockchain for seven years and [ really ] very little happened. “
Dimon: it’s the governments that rule here
dimon morganDimon noticed earlier that individual cryptocurrency projects have ambitions to compete with banks. In his opinion, it does not make much sense, because in the end it will be the governments that decide about the future of this market with appropriate regulations:
“Governments will insist that people who keep or send money act in accordance with the rules and that appropriate control systems apply; no one wants to support terrorists or criminal activities. “
The history of a difficult relationship
Jamie Dimon has had a cryptocurrency for a long time now. However, when you read and listen to his next statements, you might think that he got some strange pleasure.
He attacked Bitcoin several times, describing the main cryptocurrency as “fraud.” He spoke quite disparagingly about investors in this market. The latter is so strange that in one of his interviews he admitted that his daughter bought BTC speculatively.
In this context, JP Morgan’s decision to issue its own digital currency was certainly a huge surprise. JPM Coin is to be dedicated to bank customers. Currently , tests are under way regarding its technology. It is possible that the project will officially start this year.
JPM Coin is based on the Quorum, a private version of the Ethereum network, which was developed by the bank itself. The token is essentially a stablecoin. In the first stage it is supposed to have a support in the US dollar. However, the Bank does not exclude that – in the case of the project’s success – versions will be created which will be related to other fiat currencies.
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