Jamie Dimon, CEO of JPMorgan Chase Bank (Photo: Scott Olson / Getty Images)
Facebook has been facing several hurdles in creating its cryptocurrency, the pound, announced in June this year. Amid pressure and criticism from regulators, several companies like Visa, Mastercard, PayPal and eBay have left the Libra Association, created to manage the virtual currency of the social network.
Now the CEO of one of the largest banks in the world has raised doubts about the creation of the pound. Jamie Dimon, president of JPMorgan, said cryptocurrency "is a good idea that will never happen."
Dimon also said that the idea of creating a stablecoins (or stable currency) is not new. "We already have stablecoins, so the pound wouldn't be the first to do that." Unlike most virtual currencies like bitcoin, which undergo large price fluctuations over short periods of time, stablecoins seek to maintain a stable price against a conventional currency. In the case of the pound, it would be tied to a basket of currencies including the euro, dollar and yen.
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