Many are calling JPM Coin a cryptocurrency despite the digital coin being limited for use by the multinational bank’s institutional clients.
The bank said that JPM Coins represents US dollars and its value will always be one US dollar. It is held in designated J.P. Morgan Chase N.A. accounts, and can be transferred and redeemed for the equivalent amount in U.S. dollars, which will reduce settlement time.
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https://www.unblock.news/news/j-p-morgan-creates-digital-coin-representing-fiat-for-payments
