JP Morgan's Jamie Dimon: Facebook's Crypto Isn't a Short-Term Concern

Jamie Dimon, the CEO of J.P. Morgan Chase, has said he doesn't expect Facebook's planned Libra cryptocurrency to have a short-term impact on the bank.

In an analysts call Tuesday, first reported by CNBC, Dimon appeared to suggest that it was too early to speculate on how the effort, advertised as a global currency for the unbanked, would impact his company or its outlook.

JP Morgan is the leading bank in terms of U.S. retail deposits, according to its most recent annual report.

"We're going to be talking about Libra three years from now. I wouldn't spend too much time on it," Dimon said, when asked about Facebook's entrance into the financial sector through cryptocurrency.

In previous interviews, Dimon has noted that cryptocurrency companies might compete with legacy banks.

"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," Dimon said.

Facebook planned to debut the stable-backed cryptocurrency in 2020, but has since come out to say it will not offer the digital currency until all regulatory concerns have been addressed.

"We don't mind competition," Dimon said.

JPMorgan proposed its own cryptocurrency, JPM Coin, in February to be used internally to speed up transactions.

For his part, David Marcus, lead developer of Facebook's blockchain, has said, Libra is "Not designed as a substitute for bank accounts," in a Senate Banking Committee hearing on the cryptocurrency yesterday.