JPMorgan’s Jamie Dimon says Facebook cryptocurrency Libra won’t happen – Business Insider

JPMorgan CEO Jamie Dimon dinged Facebook’s cryptocurrency Libra, saying it was a “neat idea” that won’t happen. Facebook announced the currency in June, with the idea that people all over the world could use it to pay for services online. But regulators and prospective partners are suspicious, fearing that the currency could be used for criminal purposes and that it jeopardizes financial stability. Dimon didn’t elaborate, but he’s previously expressed skepticism about digital currencies, once describing bitcoin as a fraud. Visit Business Insider’s homepage for more stories . Facebook’s uphill struggle with its cryptocurrency Libra just got a little steeper, after the CEO of one of the world’s biggest banks said the currency “will never happen.” JPMorgan CEO Jamie Dimon dinged the currency at a conference by the Institute of International Finance in Washington, saying: “It was a neat idea that’ll never happen.” We saw the news of Dimon’s remarks via Bloomberg . Dimon didn’t elaborate much further, but added: “We already have stablecoins, so they’re not the first to do that.” A stablecoin is a digital currency pegged to …