Through the JP Morgan Chase quarterly earnings call on Friday, CFO Jennifer Piepszak highlighted that the JPM Coin tokenizes prospects’ deposits on a non-public blockchain to make funds simpler. She distanced JPM Coin from public blockchain stablecoins, the place the OCC lately offered a guidance letter that mentioned banks may host nodes for these stablecoins.
Referring to the OCC steerage, she mentioned, “That doesn’t impression JPM coin.” She was just a little reserved in her feedback concerning the JPM Coin. “It’s clearly very early. We’ll assess use circumstances and buyer demand. But it surely’s nonetheless too early to see the place this goes for us,” she mentioned.
Moreover, an analyst requested about Fb’s Libra, now rebranded to Diem. In his response, CEO Jamie Dimon mentioned he expects central banks may have digital currencies and “it might not change our world that a lot.”
By way of international stablecoins, he pointed to the necessity for a degree taking part in discipline. “A few of these opponents who wish to do it (stablecoins), they wish to be in funds. They need the funds knowledge. They wish to transfer the cash. Once more, it’s going to be a regulatory concern about what which means,” mentioned Dimon.
“So long as we will do the identical factor that the competitors can do, then it’s onerous to argue that it’s unfair.”
JP Morgan beforehand revealed that it has a big buyer utilizing the JPM Coin in production. And it’s engaged on wholesale multicurrency payments infrastructure in Singapore with DBS Financial institution and Singaporean state-owned funding firm Temasek. The decentralized monetary market infrastructure (DFMI) is a commercialization of the central financial institution work on Challenge Ubin and has the endorsement of the Financial Authority of Singapore (MAS).
