JPMorgan Chase CEO: JPM Coin Could Have A Consumer Use One Day

Jamie Dimon, JPMorgan Chase CEO, said that the new cryptocurrency that will be issued by the company could have a consumer use one day according to CNBC reports yesterday so we decided to look into it some more in today’s digital currency news.

During a QA session, Dimon stated that the JPM Coin could be internal or commercial and can have a consumer use one day. The coin will also have use for retail payments.

The United States banking giant announced their plans to issue their own cryptocurrency in order to increase the settlement efficiency and will also focus mostly on international settlements by major corporations to speed up transactions that currently take up to a day to be executed.

JPM Coin has found both the opponents and supporters in the crypto community. For example, CEO of crypto wallet Abra Bill Barhydt suggested that the coin misrepresented their entire initiative and that seems more as a ledger meant for settling trades rather than a coin. He also pointed out that it JPM Coin is really a private coin and a private blockchain, then it is a waste of time.

Brad Garlingouse, Ripple’s CEO also says that the coin ‘’misses the point’’ of cryptocurrency and despite the fact that banks are hooking on crypto, the JPM project misses the point.

On the other hand, Reddit co-founder Alexis Ohanian argued that the issuance of the coin is just a good indicator that there is real innovation happening in the crypto space. Some are saying that the release of the JPM Coin could be a great thing, while others believe that it is another scam.