Jamie Dimon believes the Libra will only be released in 3 years

Jamie Dimon, JPMorgan Chase CEO, does not expect the Libra to have a significant impact on the short-term banking system. In an interview with CNBC, he claimed he expects the project to be significantly delayed by the regulators:

“In three years now, we will still discuss the launch of the Libra. Let’s put things in perspective – we are talking about the 7-year blockchain, and yet there have been very few things in this area,

explained Jamie Dimon.

In the banker’s view, it will take a long time before a coherent regulatory framework for cryptomonas can be established:

“Governments will insist that those who manage money adhere to a set of rules and have adequate control mechanisms. No one wants to take the risk of facilitating illegal activities or terrorism “

Criptomons may become competitors for banks, but not too soon

In earlier statements, Jamie Dimon argued that banks could come to compete with cripto companies.

However, it does not expect this to happen soon. Such technologies require a lot of time to be regulated.

“We do not disturb our competition,” Dimon said. “Our request will always be the same: We want a competitive and fair environment.”

Apparently, the bank faced similar delays when developing its own stable cryptomon, JPM Coin.

“Technology is great, but it takes time to get the necessary licenses and approvals,”

JPM Coin developer Umar Farooq said before launching the project.

The pound will not be launched until the issue of settlement is resolved

Facebook initially planned to launch Cryptomonda Libra in 2020. Since then, however, David Marcus, the project leader, said they will not officially launch the project until all regulatory concerns have been addressed.

He stressed, however, that Libra is not “conceived as a substitute for bank accounts” during a hearing before the Senate Committee yesterday.