The JPM coin, the newly announced JP Morgan cryptocurrency, is being seen as a key step in the adoption of the technology in the mainstream banking industry, however for some in the industry it is a cause for deep concern.
Announced yesterday, the JP Morgan cryptocurrency will begin being used this year, but only for internal applications. Pegged 1:1 to the US dollar, the JPM Coin will be used by the banking giant to provide dramatically faster transfers between accounts than with traditional methods.
“With JPM Coin hopefully the tables are turning for digital currencies and we can really start to see the benefits that blockchain technology can bring to the financial world,” said Jason Hart, CTO of data protection at digital security company Gemalto.
“By focusing on a set use case, JP Morgan can control the currency and work closely with regulators to ensure that it fully meets their requirements, before taking it mainstream.”
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