Dimon downplays Facebook's crypto experiment: 'We're going to be talking about Libra' years from now
in February by CNBC, would remain within the regulated confines of the biggest U.S. bank.
After Facebook, which controls the world's biggest social network, announced its Libra project last month, central banks and elected officials around the world expressed concern. Last week, President Trump tweeted that if the tech giant wants to do banking activities, it must submit to banking regulations.
Dimon added Tuesday that he believes that any new efforts will have to conform to the industry's rigorous anti-money laundering rules instigated after the financial crisis. "We don't mind competition," Dimon said. "The request is always going to be the same: We want a level playing field. And governments are going to insist that people who hold money or move money all live according to rules where they have the right controls in place; no-one wants to aid and abet terrorism or criminal activities.
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