Jamie Dimon Says JPM Coin Could Finally Find Consumer Use

JPMorgan Chase's Executive Director Jamie Dimon said the new cryptocurrency of JPM Coin could be used by consumers one day, CNBC announced on February 26th.

During the session of questions and answers, Dimon allegedly said that "JP Morgan Coin could be internal, it could be commercial, could one day become a consumer." The coin should find its use for retail payments.

US bank giant JPMorgan Chase announced on February 14 plans to launch its currency crypto in the leading US bank, with the goal of increasing efficiency initially in its three operations. As a first step, JPM Coin will focus on international alignment of large companies, helping to speed up transactions that are currently taking days or more with existing options such as SWIFT.

After this announcement, JPM Coin has found defenders and opponents in the community of cryptocurrencies. This week Bill Barhydt, CEO of Cryptocurrency Portfolio and Abra Investment Application, suggested that JPMorgan Chase falsely present his new initiative, saying it was more "books." intended for making a "coin transaction." Barhydt also said that "if it's a private block and a private room, I guess it's a waste of time."

Brad Garlinghouse, executive director of Ripple (XRP), also said that JPM Coin "lacks the purpose" of cryptocurrencies. Right after this announcement, Garlinghouse responded on Twitter that "as expected, banks are changing their cryptography." But this JPM project lacks the sense: the introduction of a closed network today is like launching AOL after Netscape's IPO. Two years later, the bank's coins are still not a solution. "

Conversely, co-founder Reddit Alexis Ohanian said the recent JPMorgan decision was just another sign of real innovation, as speculators left the industry. Although he claims that the next publication of JPM Coin might be a good thing, Ohanian noticed that Dimon had previously described the main Bitcoin cryptocurrency (BTC) as a fraud.


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