July 17, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The CEO of JPMorgan Chase, a US financial corporation, James Dimon does not see threats to his business in the Facebooks’ Libra cryptocurrency project, at least in the short term.

“To put it in perspective, we’ve been talking about blockchain for 7 years and very little has happened,” Dimon said during a conference call with analysts. “We’re going to be talking about Libra three years from now. I wouldn’t spend too much time on it.”

Daimon also recalled that any initiatives in this area should be consistent with the requirements of regulators regarding anti-money laundering, established after the financial crisis.

“We don’t mind competition,” he added — “the request is always going to be the same: We want a level playing field. And governments are going to insist that people who hold money or move money all live according to rules where they have the right controls in place; no-one wants to aid and abet terrorism or criminal activities.”

In June, Dimon said that cryptocurrency projects do not threaten the banking system, but create competition in the payment services market and sometimes even “want to take our bread”.

Shortly before this, it was reported that JPMorgan is preparing to test the stablecoin JPM Coin that it is developing with the participation of clients.

Author: Marko Vidrih