JP Morgan Bank

JP Morgan Bank changed anger to mercy in question of cryptocurrency and announced the launch of its Altcoin

It is interesting to see how once the main critics of cryptocurrencies and blockchain technologies change their minds. The influential American bank JP Morgan said it will launch its own Altcoin for instant payments between customers. The asset should appear this year. Over the last couple of years, the bank’s specialists and, in particular, its head Jamie Dimon have repeatedly stated that cryptocurrencies have no value, their use makes no sense, and also called Bitcoin a fraudulent instrument.

When the coin of JP Morgan Bank appears and what his representatives said about cryptocurrencies before

Cryptocurrency of one of the largest banks in the world received the trivial name JPM Coin. JP Morgan plans to start testing the asset this year. In case of success, the coin will be used to make instant payments between the bank’s clients. The possible launch of JPM Coin is an important event in the history of cryptocurrencies. The new Altcoin will be the first digital currency issued by such a large American bank as JP Morgan. The bank’s positions will also have a positive impact on Altcoin, as the financial institution serves 80% of the Fortune 500 member companies. Thus, JPM Coin will receive noticeable attention and potentially huge customer base at the start. In the hands of the asset will play the fact, that it will be the first coin of the bank.

In this regard, we cannot fail but recall the previous rhetoric of JP Morgan regarding cryptocurrencies. Previously, representatives of the bank did not see any sense in them and believed that digital money could become popular only after investors will stop investing in traditional assets for storage of funds as precious metals and USD. The head of the bank Jamie Dimon was also one of the biggest critics of cryptocurrencies, however, and he eventually stated that he still sees some prospect in them.

Japan is not behind. Local banks are also preparing Altcoins for release

But not the American bank only considers the possibility of creating a cryptocurrency. Back in 2018, Mitsubishi UFJ Financial Group from Japan announced its own MUFG Coin. Like JPM Coin it will be tested in the near future. Another “Japanese”, a large banking holding Mizuho Financial Group, plans to present its digital coin, the rate of which will be tied to the national currency — the JPY. It is known that some Japanese stores have not only agreed to accept payments through Altcoin, but will also give discounts to users.