James Dimon: Libra is a great idea that will never come true

James Dimon, CEO of JPMorgan Chase, believes that Facebook’s unrealized Libra project has a great idea, but the organizers will not be able to achieve what was planned.

Daimon announced his assumptions during his speech at a conference of the Institute of International Finance. The head of JPMorgan Chase drew attention to the fact that although Libra's idea is not bad, it cannot be called innovative. He compared the Libra asset with the stablecoin of his own company, that is, we are talking about JPM Coin. Dimon noted that this stablecoin is aimed at the corporate market, and the financial instrument Facebook is focused more on ordinary consumers. He believes that it is for this reason that regulators around the world are worried about Libra – the pressure of regulators has helped key players to leave the association, in particular Visa, Mastercard, PayPal, Bookings Holdings and others.

Recall that earlier the CEO of the holding repeatedly criticized Bitcoin, however, in the beginning of the summer, it stated that projects related to cryptocurrency do not pose a threat to banking.