JPMorgan CEO Jamie Dimon says that Facebook's cryptocurrency Libra will struggle and will never happen. Facebook had announced the currency in last June , with the idea that people all over the world could use it to pay for services online . With this comment from the CEO of world’s biggest bank the project of  Facebook lands in trouble . Jamie Dimon was speaking at a conference by the Institute of International Finance in Washington, saying

The cryptocurrency project has already faced criticism from policymakers and regulators as they suspect  that the currency could be used for criminal purposes and that it jeopardizes financial stability. But Dimon didn’t explain his views in a detailed manner about his belief that Libra will never start.

But the Wall Street Journal reported this week that JPMorgan had declined to join the project due to concerns that the digital currency could be used for criminal activities that would violate money-laundering and sanctions rules.

The  efforts of Facebook Inc to establish a global digital currency have suffered severe setbacks in recent weeks, after Visa, Mastercard, PayPal and eBay abandoned the project.

David Marcus, a Facebook executive who has been leading the project, said this week he expected to get 100 banks and financial firms on board once the project has addressed regulatory concerns..

Speaking to reporters, Marcus said Libra did not need banks or payment firms to launch the system. However he  added that Libra intended to meet the highest possible regulatory standards, if not exceed them.