Remember when JP Morgan CEO Jamie Dimon called Bitcoin a “fraud”?
Well, now the Bank has introduced the JPM Coin.
CNBC calls it “a digital token that will be used to instantly settle transactions between clients of its wholesale payments business.”
But many “experts” are saying it’s not a cryptocurrency. Because it it totally controlled by the Bank, the JPM Coin is not truly “open” or “permissionless.” One cannot download it without JPM’s OK.
It runs on the Bank’s proprietary blockchain and the coins will be issued by JPM as opposed to being on a public blockchain that is accessible by anyone and everyone.
In addition, it is not a “stable coin” as it’s not tied to a fiat currency.