Crypto Magazine Africa
  • Home
  • News
  • Analysis
  • Bitcoin
  • Blockchain
  • Breaking News
  • Exchange
  • Gainers
  • Losers
  • Opinion
No Result
View All Result
Crypto Magazine Africa
  • Home
  • News
  • Analysis
  • Bitcoin
  • Blockchain
  • Breaking News
  • Exchange
  • Gainers
  • Losers
  • Opinion
No Result
View All Result
My CryptoMag
No Result
View All Result
Home Crypto

JPMorgan CEO says that Libra is an “idea” that will “never happen”

In a recent conference, Jamie Dimon expressed his lack of faith in the Libra project

by Suvajit Banerjee
October 21, 2019
in Crypto, Facebook Libra, Opinion
JPMorgan CEO Dimon comments on Libra

RelatedPosts

The Kingdom of Zamunda GDP Dethrones That of US GDP By $6.7 Trillion

SafeBank Token Broke A Record With A 24H Surge Above $1,6 billion Market Cap

Mark Zuckerberg struggles to defend Libra as US Congress members grill him for hours

Facebook unveils Libra Association, moves closer to cryptocurrency

Amidst the rising scepticism about Facebook’s Libra project JPMorgan Chase Chief Executive Jamie Dimon has commented that it is “a neat idea that will never happen.” He made the remark at a conference in Washington, D.C. organised by the Institute of International Finance last Friday.

Dimon did not explain the reason behind his remark though he added that, “We already have stable coins. They’re not the first to do that.” JPMorgan launched its own digital coin, the JPM Coin, earlier this year and is the first American bank to do so. Dimon also expressed his faith on the JPM Coin by stating, “It’s backed by a dollar, so it’s really stable.”

Dimon was accompanied by Morgan Stanley CEO James Gorman and both of them discussed the recent technological efforts being taken by their firms and the associated risks.

An earlier report stated that JPMorgan had decided to stay away from the Libra project as it was concerned that the currency will be used for criminal activities that would violate money-laundering and sanctions rules.

Facebook is having a rough time with Libra as high profile partners, including Visa, Mastercard, PayPal and eBay, have walked away from the project in the past weeks. This comment, coming from the CEO of the largest bank in America, will add to its struggles.

Dimon has been a strong critic of cryptocurrencies in the past and had called bitcoin a “fraud” that will be crushed by governments. He later regretted saying that, but maintained his apathy about cryptocurrencies. When JPMorgan launched the JPM Coin last February, they made a statement declaring that they are supportive of cryptocurrencies “as long as they are properly controlled and regulated.”

In spite of the setback of the past few weeks, David Marcus, who leads the Libra project at Facebook expressed his confidence about the future of Libra. “I would caution against reading the fate of Libra into this update,” he said. Speaking to reporters, he also added the he hopes to get more than100 banks and financial firms on board the project once it satisfactorily address all regulatory concerns.

“..Change of this magnitude is hard. You know you’re on to something when so much pressure builds up,” remarked Marcus.

Recently, to Facebooks’ relief, 21 of the remaining companies partnering with Libra, including including Spotify, Uber, and Lyft, have confirmed their commitment to the currency. But if reports are to be believed, Libra will not be ready to launch by the end of 2020 as planned earlier.

Tags: David MarcusJamie DimonJPM CoinJPMorganJPMorgan CEO
Previous Post

Facebook unveils Libra Association, moves closer to cryptocurrency

Next Post

Mark Zuckerberg struggles to defend Libra as US Congress members grill him for hours

Related Posts

The Kingdom of Zamunda GDP Dethrones That of US GDP By $6.7 Trillion
Blockchain

The Kingdom of Zamunda GDP Dethrones That of US GDP By $6.7 Trillion

Metaverse -  The Zamundan natural resources like gold, land, minerals and animal hides make the kingdom the richest country in...

by Khanyisile Nkosi, opinion contributor
December 28, 2021
SafeBank Token Broke A Record With A 24H Surge Above $1,6 billion Market Cap
Analysis

SafeBank Token Broke A Record With A 24H Surge Above $1,6 billion Market Cap

JOHANNESBURG - A new auto liquidity generating protocol SafeBank YES by DefriBank Digital Limited has broken industry's record when it...

by Khanyisile Nkosi, opinion contributor
May 3, 2021
Mark Zuckerberg tries to defend Libra in Congress
Crypto

Mark Zuckerberg struggles to defend Libra as US Congress members grill him for hours

The founder and CEO of Facebook Mark Zuckerberg, appeared before the US House of Representatives Financial Services Committee last Wednesday...

by Suvajit Banerjee
October 25, 2019
Facebook unveils Libra Association, moves closer to cryptocurrency
Facebook Libra

Facebook unveils Libra Association, moves closer to cryptocurrency

Facebook, the world’s largest social network, unveiled its Libra Association this week, which will serve as a launchpad for its...

by Issa Sikiti da Silva
October 16, 2019
European Union, banks dragging feet on cryptocurrencies
Crypto

European Union, banks dragging feet on cryptocurrencies

The European Union (EU) must embrace cryptocurrencies as failure to do so now could mean that it epically falls behind...

by Issa Sikiti da Silva
October 8, 2019
Digital currencies: is stablecoin heading for the safety of central banks?
Crypto

Digital currencies: is stablecoin heading for the safety of central banks?

Challenged and put under tremendous pressure by the arrival of digital currencies, the landscape of banking and money will not...

by Issa Sikiti da Silva
October 9, 2019
Next Post
Mark Zuckerberg tries to defend Libra in Congress

Mark Zuckerberg struggles to defend Libra as US Congress members grill him for hours

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Quick News

Top 50 Richest People in Crypto November 2021

Top 50 Richest People in Crypto November 2021

by Khanyisile Nkosi, opinion contributor
December 28, 2021
0

The 50 Richest People in Crypto November, 2021 The founder and the chairman of DafriBank Digital LTD, Xolane Ndhlovu is...

The Kingdom of Zamunda GDP Dethrones That of US GDP By $6.7 Trillion

The Kingdom of Zamunda GDP Dethrones That of US GDP By $6.7 Trillion

by Khanyisile Nkosi, opinion contributor
December 28, 2021
0

Metaverse -  The Zamundan natural resources like gold, land, minerals and animal hides make the kingdom the richest country in...

SafeBank Token Broke A Record With A 24H Surge Above $1,6 billion Market Cap

SafeBank Token Broke A Record With A 24H Surge Above $1,6 billion Market Cap

by Khanyisile Nkosi, opinion contributor
May 3, 2021
1

JOHANNESBURG - A new auto liquidity generating protocol SafeBank YES by DefriBank Digital Limited has broken industry's record when it...

THE DIGITAL BANK OF AFRICA ANNOUNCES A SUCCESSFUL SALE OF  9.9 MILLION DBA IN PHASE 2

THE DIGITAL BANK OF AFRICA ANNOUNCES A SUCCESSFUL SALE OF  9.9 MILLION DBA IN PHASE 2

by Khanyisile Nkosi, opinion contributor
April 19, 2021
1

  JOHANNESBURG  -  Thousands of Africans flock to DafriXchange to participate in what they describe as African own Bitcoin which...

Most Popular

Top 50 Richest People in Crypto November 2021

Top 50 Richest People in Crypto November 2021

by Khanyisile Nkosi, opinion contributor
December 28, 2021
0

The 50 Richest People in Crypto November, 2021 The founder and the chairman of DafriBank Digital LTD, Xolane Ndhlovu is...

The Kingdom of Zamunda GDP Dethrones That of US GDP By $6.7 Trillion

The Kingdom of Zamunda GDP Dethrones That of US GDP By $6.7 Trillion

by Khanyisile Nkosi, opinion contributor
December 28, 2021
0

Metaverse -  The Zamundan natural resources like gold, land, minerals and animal hides make the kingdom the richest country in...

SafeBank Token Broke A Record With A 24H Surge Above $1,6 billion Market Cap

SafeBank Token Broke A Record With A 24H Surge Above $1,6 billion Market Cap

by Khanyisile Nkosi, opinion contributor
May 3, 2021
1

JOHANNESBURG - A new auto liquidity generating protocol SafeBank YES by DefriBank Digital Limited has broken industry's record when it...

THE DIGITAL BANK OF AFRICA ANNOUNCES A SUCCESSFUL SALE OF  9.9 MILLION DBA IN PHASE 2

THE DIGITAL BANK OF AFRICA ANNOUNCES A SUCCESSFUL SALE OF  9.9 MILLION DBA IN PHASE 2

by Khanyisile Nkosi, opinion contributor
April 19, 2021
1

  JOHANNESBURG  -  Thousands of Africans flock to DafriXchange to participate in what they describe as African own Bitcoin which...

Sign upto our newsletter

About

  • Contact Us
  • Privacy Policy
  • About Us

Sister Brands

  • FX Magazine
  • MLM Magazine
  • Daily Afrika
  • PlusSize Africa
  • DJ Mag Africa

Affluent Series

  • Affluent
  • Affluent Africa
  • Affluent TV
  • Affluent Radio
  • Affluent Sport

Published by UMEH Media All right reserved.

mycryptomag-logo

The leader in crypto and blockchain news, lifestyle, and just about anything crypto. Crypto Magazine is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Crypto Mag is an independent operating subsidiary of UMEH Media Group

  • Home
  • News
  • Analysis
  • Bitcoin
  • Blockchain
  • Breaking News
  • Exchange
  • Gainers
  • Losers
  • Opinion