Facebook’s dream of launching its stablecoin, Libra seems to be farfetched and unacceptable to the masses. From the time of the announcement, Libra is facing the brunt of Government and other financial institutions. JPMorgan CEO, Jamie Dimon said that Facebook’s not-yet-released Libra is “a neat idea that will never happen.” He addressed a speech at the Institute of International Finance conference on Friday, Oct 18. The CEO further compared Libra to their native coin JPMCoin, claiming that the Libra initiative had no uniqueness. He also revealed that JPMorgan is spending over $11 billion on technological developments this year.
Earlier this week, Libra association was officially found to take Libra developments forward. However, the team met a hunch when key partners started to withdraw their support.