Jamie Dimon says JP Morgan’s new cryptocurrency could one day be used by the consumer
“JP Morgan Coin could be internal, could be commercial, it could one day be consumer,” Dimon, 62, said during a question-and-answer session.
Earlier in February, J.P. Morgan became the first major U.S. bank to create its own cryptocurrency with the launch of “JPM Coin.” The digital token was designed to settle transactions between clients of its wholesale payments business, specifically for international payments and securities transactions that migrate to the blockchain.
Dimon’s comments are probably speculative. On the bank’s website, it says that there are no plans to offer access to JPM Coin to individuals.
The company’s cryptocurrency is being tested during a trial within the bank and its corporate clients. Bitcoin, by comparison, is an open-sourced network that can be accessed by anyone. Dimon was among the most vocal critics of Bitcoin during the height of the cryptocurrency boom, calling it among other things a “fraud.”