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Jamie Dimon: JPM Coin Could ‘One Day’ See Consumer Use!

JPMorgan Chase CEO Jamie Dimon has said that the company’s new cryptocurrency JPM Coin could have a consumer use one day, CNBC reported on Feb. 26.

Amid a question-and-answer session, Dimon apparently expressed that “JP Morgan Coin could be internal, could be commercial, it might one be able today be a consumer.” The coin would purportedly find it’s for retail payments.

United States giant financial institution JPMorgan Chase announced plans to launch its own cryptocurrency in a U.S. banking first on Feb. 14, in the U.S. keeping money first on Feb. 14, in an offer to expand settlement efficiency, initially within three of its operations.

https://www.cnbc.com/video/2019/02/26/dimon-jpmorgan-coin-could-one-day-be-consumer.html

JPM Coin will at first spotlight on global settlements by significant enterprises, helping speed up exchanges that right now take a day or longer using extant options such as SWIFT.

Following the announcement, JPM Coin has discovered both the supporters and opponents in the cryptocurrency community. This week, Bill Barhydt, CEO of cryptocurrency wallet and investing app Abra, proposed that JPMorgan Chase misrepresented their new activity, expressing that it appears to be increasingly similar to “a ledger meant for settling trades” than a coin. Barhydt likewise expressed that “if it really is a private blockchain and private coin, I’m guessing it’s a complete waste of time.”

Swell (XRP) CEO Brad Garlinghouse also said that JPM Coin “misses the point” of cryptocurrency. Specifically following the declaration, Garlinghouse reacted on Twitter that “as predicted, banks are changing their tune on crypto. But this JPM project misses the point — introducing a closed network today is like launching AOL after Netscape’s IPO. Two years later, and bank coins still aren’t the answer.”

Interestingly, co-founder of Reddit Alexis Ohanian argued that the recent move by JPMorgan is simply one more sign that there is real innovation occurring since speculators have left the sector. While saying that the up and coming release of JPM Coin could be a good thing, Ohanian still noticed that Dimon had recently called significant cryptocurrency Bitcoin (BTC) a scam.

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