Jamie Dimon, the Chief Executive Officer (CEO) of JPMorgan Chase & Co., is yet another big-money executive poising as a non-believer in the Libra project.
Speaking this past Friday at a conference via the Institute of International Finance, Dimon had said that while Facebook’s stablecoin is “a neat idea,” it isn’t going to happen. Not only does Dimon claim that the project isn’t anything incredibly inventive, comparing it to his company’s own asset, JPM Coin, it’s also quite probable that he is referring to the fact that Libra lost many of its big backers like eBay and MasterCard earlier this month, as BeInCrypto has previously reported.
In a way, Dimon is saying that one company having a stablecoin is no different than any other company having one, and he’s right. While sure, the power and reach of that company could have an effect on how many people are using that asset, they all essentially serve the same purpose. Each one exists as a digital equivalent to using fiat with that specific company.
Of course, the underlying blockchain technology is useful for all sorts of things like security, speed, and the like. But companies adopting it for their stablecoins isn’t anything inherently inventive at this point, so one can see why Dimon isn’t incredibly impressed by Facebook’s take. Especially considering the company’s past regarding privacy issues.
That said, China’s upcoming stablecoin, one that Libra claims to be trying to take a stand against as BeInCrypto has previously reported, may be used for surveillance and other violating activity in which users may not be a fan. In that case, people may want to stick with traditional currencies and crypto-assets like Bitcoin.
What do you think about JPMorgan’s stance on Libra, and the asset’s potential to stand against China’s upcoming asset? Let us know your thoughts in the comments below.
Images are courtesy of Shutterstock.