Jamie Dimion, the CEO of JP Morgan Chase, has indicated that the bank’s new cryptocurrency, JPM Coin, could be used to pay for goods and services at retail stores.
As reported by CNBC, during a Q&A session the CEO said that the new cryptocurrency can either be used internally, commercially or even at a consumer level. If it finds its way to the consumer level, JPM Coin could be used for retail payments.
However, during the launch of the new cryptocurrency, JP Morgan’s blockchain lead, Umar Farooq, did not indicate a point where the new cryptocurrency could be used for retail payments.
Farooq indicated that JPM Coin will be used to streamline how the bank’s institutional customers initiate international wire transfers and, as noted by Coindesk, “provide instant settlement for securities issuance and replace U.S dollars held by subsidiaries of major corporations using JP Morgan’s treasury services.”
However, since its launch, JP Morgan’s new crypto has attracted both supporters and critics. One of the supporters, Alexis Ohanian who is the co-founder of Reddit, a social media platform, said that the launch of JPM Coin signals that speculation is over and institutions are embracing cryptocurrencies.
One of the critics, Brad Garlinghouse, the CEO of Ripple, said that although the bank has changed its stance on digital currencies, JP Morgan’s new cryptocurrency “misses the point.” Another critic, Bill Barhydt, the CEO of Abra, an app facilitating buying and selling of cryptocurrencies, said that JP Morgan wasted their time in developing JPM Coin.
For Barhydt, enterprises developing their own crypto coins on a private blockchain are wasting their time since public blockchains will overtake enterprise blockchains.
Do you think JP Morgan’s new cryptocurrency will ever be availed to pay for goods and services does it have the qualities of a cryptocurrency like Bitcoin or Ethereum?
Let us know your thoughts in the comments section below.