{"id":372789,"date":"2019-02-26T21:00:13","date_gmt":"2019-02-26T21:00:13","guid":{"rendered":"https:\/\/wncen.com\/?p=372789"},"modified":"2024-06-11T07:44:59","modified_gmt":"2024-06-11T07:44:59","slug":"jamie-dimon-jpm-coin-crypto","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/jamie-dimon-jpm-coin-crypto\/","title":{"rendered":"Jamie Dimon: JPM Coin Could One Day Be Used By Consumers… But Why?"},"content":{"rendered":"
The CEO of multinational investment bank JP Morgan Chase, Jamie Dimon<\/a>, has stated that the newly-announced, not-so-crypto JPM Coin might one day be used by consumers. The digital asset currently being trialled by the institution and its partners will be pegged to the value of the dollar, thus offering little to no innovation.<\/p>\n Dimon has drawn much ire from the cryptocurrency<\/a> community over his comments about Bitcoin<\/a>. He has previously stated that the number one digital asset by market capitalisation is a “fraud<\/a>” before later backpedalling, claiming that he really did not care<\/a> about the fintech innovation.<\/p>\n According to a report in CNBC<\/a>, Jamie Dimon has stated that the JPM Coin that NewsBTC reported<\/a> on earlier this month might one day be used by consumers. The CEO appeared at JP Morgan Chase’s annual investor day, where he was asked about the potential future use cases of the digital currency backed by the bank during a Q and A session. Dimon replied:<\/p>\n “JPM Coin could be internal….it could one day be consumer.”<\/p><\/blockquote>\n The problem with the JPM Coin is that it offers very little in terms of monetary revolution proffered by Bitcoin. This is, of course, by design. Banking behemoths, such as JP Morgan,\u00a0have a vested interest in the financial status quo. They do remarkably well out of the current fiat system and have zero desire to promote the kind of radical financial democratisation possible with permissionless, decentralised blockchain-based currencies like Bitcoin or other cryptos.<\/p>\nJPM Coin Might be Offered to Consumers, But Who Would Want to Use it?<\/h2>\n