Today JP Morgan
announced it plans to start trialing JPM Coins to make instant payments using blockchain. It will only be used to transfer money between JP Morgan accounts held by other institutions such as banks, broker-dealers and corporates.
It’s Valentines Day today, not April Fools. This is the same bank where the CEO Jamie Dimon famously called Bitcoin a “fraud”. Issuing a JPM Coin is not inconsistent with that statement.
Transfers between accounts at the same bank are pretty quick. So what’s the point?
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