JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon has said that Facebook’s not-yet-released Libra stablecoin is “a neat idea that will never happen.”
Dimon delivered his comments during a speech at the Institute of International Finance conference on Friday, BNN Bloomberg reported on Oct. 18. Dimon said that the idea behind Libra is not unique and further turned the conversation to his company’s own stablecoin, JPM Coin, revealing that JPMorgan is spending over $11 billion on technological developments this year.