JP Morgan rolled out as the first US bank with cryptocurrency. The change in opinion of JP Morgan is the first step in the program of making it more competitive. The currency is designed to be decentralized so that no one has control over transactions being sent over the network.
- JP Morgan will be using the cryptocurrency to see its potential in using digital coins to reduce risk and enable instant transfers.
- Cryptocurrencies are used successfully to move money between bank and a client which usually runs on a blockchain technology.
- JPM Coin is not for retail customers . It will be used internally by the bank to enable instant transfers of payments between institutional accounts.
- The bank stressed all information required by the regulators will be tracked. Only with the approval of regulators and clearing money laundering, clients can use the blockchain network.