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Jamie Dimon from JP Morgan: Facebook's crypto is not a short-term problem

Jamie Dimon, general director of J.P. Morgan Chase said he did not expect the Facebook crypto-level Libra to have a short-term impact on the bank.

In the February roll call of analysts, first published by CNBC, Dimon suggested that it was too early to speculate how the effort advertised as a global currency for customers without a bank account would affect his company or prospects. According to the latest annual report, JP Morgan is a leading bank in terms of retail deposits in the US.

"In three years we will talk about Libra. I would not spend much time on it, "said Dimon, when asked about Facebook's entry into the financial sector through cryptocurrency.

The managing director added:

"To express this from a perspective, we've been talking about blockchains for seven years and not much happened."

In previous interviews, Dimon noted that cryptocurrency companies could compete with older banks. However, it believes that the rules will be a factor influencing the way in which such technologies can be made public, potentially delaying their deadlines.

"Governments will insist that people who keep money or transfer money live according to the rules on which they have adequate controls; no one wants to help and fight terrorism or criminal activity, "said Dimon.

Facebook planned the debut of stable cryptocurrency in 2020, but since then it has stated that it will not offer a digital currency until all regulatory problems are resolved.

"We do not mind the competition," said Dimon. "The proposal will always be the same: we want equal opportunities.

JPMorgan proposed in February its own JPM Coin cryptocurrency, which is to be used internally to speed up the transaction. "Technology is very good, but it requires time and license. It should be explained – said the main developer Umar Farooq before the start of the trial period.

For his part, David Marcus, the main blockchain programmer on Facebook, said that Libra "was not designed as a substitute for bank accounts" during yesterday's hearing of the Senate banking commission on cryptocurrency. The second day of testimony is currently under way.

Jamie Dimon, courtesy of NYTimes Dealbook

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