Jamie Dimon, chief executive officer of world monetary services firm JPMorgan Chase, argued that Facebook’s cryptocurrency project Libra doesn't pose a threat within the predictable future.

As reported by CNBC, Dimon delivered his comments during a telephone call with analysts on Tuesday, July 16. Dimon said that he wouldn't pay an excessive amount of time on Libra, specifying that “to put it in perspective, we've been talking regarding blockchain for seven years and really little is going on. We are about to be talking regarding Libra 3 years from now.”

Dimon continuing spoken communication that any new effort ought to comply with the industry’s Anti-Money laundering provisions. Dimon said:

“We don’t mind competition. The request is usually about to be the same: we wish a level playing field. And governments are about to insist that individuals who hold money or move money all live per rules wherever they need the correct controls in place; no-one needs to aid and assist terrorism or criminal activities.”

Dimon’s statements return on the heels of a group discussion from U.S. Treasury Secretary Steven Mnuchin, who spoke concerning the utilization of cryptocurrency to finance illicit activity, and also the role of laws with relevance crypto-dealing organizations. Mnuchin said:

“Cryptocurrencies like Bitcoin [BTC] are exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, randomware, illicit drugs, human trafficking […] this can be so a national security issue.”

JPMorgan itself is reportedly expecting to pilot its own digital token dubbed JPM Coin by the top of 2019. Umar Farooq, head of digital treasury services and blockchain at JPMorgan, expressed that the bank’sstablecoin has the potential to modify instant delivery of bonds via blockchain.

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