There has been a lot of innovations, new technology has evolved, new platforms have been developed etc. And on the other hand, banks not being with the issuing group will issue their "digital asset" consequent to their own set of rules and regulations.
The first cryptocurrency created by a major USA bank is here - and it's from J.P. Morgan Chase. The virtual coin could also transplant worldwide wire transfers, offering a potentially more secure and much faster transaction process than the current system.
2, It is not a true cryptocurrency. "A cryptocurrency is one that is open and permissionless, if you want to download it, you don't need permission; you just need some software", Brito told MarketWatch.
The report says that J.P. Morgan is for a future blockchain-powered world, but before that happens, it "needed a way to transfer money at the same dizzying speed that those smart contracts closed, rather than relying on old technology like wire transfers".
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In the tweet, Mr. Garlinghouse referred to a 2016 article in which he explained that a bank issued coin can only be efficient if used internally by the bank that issues it. At this stage, you can't use these coins without permission.
JPMorgan's effort could be seen as an endorsement by Wall Street of the technology that spawned Bitcoin a decade ago. Based on the objective and function of the cryptocurrency, it looks to be in direct competition with Ripple's XRP. Now after the evolution of such same service by JP Morgan, Ripple would be surely affected. When one client sends money to another over the blockchain, JPM Coins are transferred and instantaneously redeemed for the equivalent amount of USA dollars, reducing the typical settlement time. This would reduce the chances the fraud and scams in any kind of related transaction using JP Morgan Stable coin.
JPM Coin will likely be utilized in corporate deals: The bank's customers get the coins after depositing dollars. As per one of the official, it would be made for individual use on the analysis of various factors like user response, efficiency profit, and cost-savings.
Businesses traditionally using wires to buy the issuance have seen a time gap between settling the transaction and it being paid for, but they will be able to use the JP Coin for instant payments. He had used words like fraud and stupid saluting crypto coins.
According to CNBC, J.P. Morgan "moves more than $6 trillion around the world every day for corporations in its massive wholesale payments business", and in a few months, it will start trials for use of this new cryptocurrency for instant settlement of payments between its clients. ACH operates as an overnight batch system, and functions only on business days, meaning if you send money to someone on Thursday through your Bank, they will have to wait until at least Monday or Tuesday before receiving the funds.