JPM Coin Expanding to 220 Banks for Payments
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Monday, April 22, 2019
Earlier this year in February, JP Morgan Chase had introduced its own cryptocurrency for transactions called JPM coin which was under the scanner and controversies for a long time as JP Morgan and its other fellow banks have always criticized Bitcoin and other cryptocurrencies. In mid-2017, Jamie Dimon of JP Morgan announced Bitcoin to be a ponzi scheme due to which Bitcoin suddenly fell down by over 15% in one day.[1]
Volatility is not new for Bitcoin and other currencies but now with JP Morgans new move of introducing payments with 220 Banks globally by using its own private blockchain tech and cryptocurrency, it going to pump trillions of dollars into cryptographic form.[2]
“This removes many challenges and hurdles — tooling, ecosystem, data, environment, etc,” said Mr Hunter, JP Morgans Global Clearing Head. “Developers only need to bring their intellect.”
“When so much of money is circulated through private encrypted blockchains, it becomes difficult to prove and audit the assets backed behind each JPM Coin, in this case it is the US Dollar. This gives great scope to manipulation” said Sidharth Sogani, Founder of CREBACO Global Inc on a phone call.Under so much pressure by the governments on the banks and the economic system, only time will tell how this move of JP Morgan will perform.