‘It’ll NEVER happen’ – Finance expert blasts Facebook cryptocurrency 

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‘It’ll NEVER happen’ – Finance expert blasts Facebook cryptocurrency  1

But JPMorgan Chase & Co chief executive officer Jamie Dimon says Facebook’s plans are not particularly innovative. Speaking at a conference hosted by the Institute of International Finance in Washington, Mr Dimon said: “It was a neat idea that’ll never happen.” The Libra Association, a group of 28 companies and other organisations including Vodafone, eBay, and Uber set up to oversee the crypto, has taken a series of body blows recently.

It was abandoned by influential members such as Mastercard, Visa, and PayPal.

A PayPal statement read: “PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratise access to financial services for underserved populations.”

Libra has come under fire from financial regulators across the world. 

French Finance Minister Bruno Le Maire voiced fears that two billion people turning to Libra for online transactions will leave governments in the dark when deciding financial policy. 

He issued a joint statement with his German counterpart, Olaf Scholz, urging the European Central Bank (ECB) to “accelerate its thinking on a public digital currency”. 

• Coin Rivet is a website bringing news, information, analysis, opinion and insight from the fast-moving blockchain world.

Daily Express :: City and Business Feed


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