Jamie Dimon, CEO of JPMorgan Chase made new statements about Libra- Facebook’s new project and thinks that this project will never be implemented.
Dimon, who made these comments at an event in Washington hosted by the Institute of International Finance, did not elaborate on why he is so sure that the project (Libra) will never happen, adding to the skepticism and the criticisms that the project has been facing.
According to the recent news on Wall Street Journal, JPMorgan and Goldman Sachs turned down Facebook’s offer on being a part of the Libra project as they feel that the Libra project was unreliable and suspect that Libra could use it for illegal purposes and did not want to be involved in the project.
The determined efforts of Facebook in establishing a global digital currency has suffered severe setbacks in recent weeks in its recent weeks after losing its partners in the Libra project, such as Visa, PayPal, Mastercard, eBay, Stripe.
During the event, Jamie Dimon made some harsh comments about the social media giant, Facebook’s digital money project that has already faced a lot of criticisms and disapproval.
Dimon stated that this project has seen reactions from many regulators in both the USA and Europe, and does not see the future of the Libra project as bright.
The project was followed with major pushback from policymakers and regulators in the United States and Europe over concerns that Libra could upend the global financial system, threaten users’ privacy and facilitate money laundering.
David Marcus, a Facebook executive who has been leading the project, said this week that he expected to get 100 banks and financial firms on board once the project has addressed regulatory concerns.