Unlike Bitcoin and most other crypto-currencies the value of JP Morgans crypto-currency will be pegged to the US $ which stops it becoming a vehicle for highly volatile speculation.
As a means of exchange, the J P Morgan crypto-currency, called JPM Coin, will be able to be used to make payments for transactions between J P Morgan customers.
J P Morgan says this will reduce the time it takes to settle transactions, will reduce risk and will decrease capital requirements.
Every day J P Morgan makes payments worth $6 trillion on behalf of its clients.
Only institutional clients of J.P. Morgan that have undergone regulatory checks, like corporations, banks and broker-dealers can use the JPM Coin.
The J P Morgan intention is to make is crypto-currency available on all standard blockchains.
1 JPM Coin = $1.
J P Morgan chairman Jamie Dimon is famous for saying Bitcoin is a fraud.
Source: .electronicsweekly
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