JPM Coin "could one day be consumer", says Jamie Dimon

26 Feb, 2019 | Updated: 26 Feb, 2019
by David Robb
Opinion
JPM Coin could one day be consumer, says Jamie Dimon

JP Morgan CEO Jamie Dimon recently gave a talk at the bank's annual investor day. During a Q&A, Dimon suggested that JPM Coin could one day be used for retail purposes.

Launched just over a week ago, JPM Coin is JP Morgan's entry into the digital asset world. Although nominally a stablecoin, many have doubted its claims to being a crypto entirely, due to how overly centralized it appears to be. Some are even calling the project an outright scam. These criticisms have come from pro- and anti- crypto figures of all kinds.

Read more: JPM Coin is not the first bank crypto: "private" ETH was first, says ForbesJPM Coin is a "big scam", according to the YouTuber Boxmining

Dimon, who has been a vocal opponent of Bitcoin and the cryptocurrency market in the past, now appears to be changing his mind on the subject, or at least recognizing the threat of crypto and seeing ways that the concept can be used as a marketing tool to his advantage. Speaking to investors about the bank's new project, he claimed that "JP Morgan Coin could be internal, could be commercial, it could one day be consumer", according to CNBC.

Read more: What does JP Morgan's Jamie Dimon really think about Bitcoin?

JPM Coin has so far been tested out with institutional clients that are part of the bank's wholesale payments business, as a way to settle cross-border transactions more efficiently using the blockchain. There have been no plans announced to make the digital currency available to individual retail clients, so the comments made by Dimon are probably just speculative at this stage.

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