JP MORGAN BANK WILL RELEASE ITS CRYPTOCURRENCY

American Bank JP Morgan, which is one of the largest in the world, announced plans to launch its own cryptocurrency JPM Coin. It will be used to conduct instant payments between the company’s customers, testing of the new altcoin will begin in a few months, CNBC writes.

JPM Coin will be the first cryptocurrency issued by a major American Bank. It will benefit from pioneer status and a large market share (the company serves 80% of Fortune 500 organizations).

In May last year, the largest Bank in Japan Mitsubishi UFJ Financial Group announced plans to launch its own digital money. Testing of the MUFG Coin should take place in 2019 in several regions of the country, it will be able to participate up to 100 thousand customers of the company.

Also, Mizuho Financial Group Corporation is preparing to release cryptocurrency. The altcoin rate will be tied to the Japanese yen; a new coin will be presented in March. Local shops will start accepting altcoins, and visitors who will pay for their purchases with digital money will receive special discounts.

Earlier, analysts of JP Morgan Bank criticized cryptocurrencies and said that they do not make sense. According to experts, digital money will be used only if investors lose faith in major reserve assets such as gold and the dollar.