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.

The chief executive added:

“To put it in perspective, we’ve been talking about blockchain for seven years and very little has happened.”

In previous interviews, Dimon has noted that cryptocurrency companies might compete with legacy banks. Still, he believes regulations will be a…