BlockchainBTM President, Javad Afshar answers pressing questions about the JP Morgan Coin.
- What kind of cryptocurrency is the JP Morgan coin?
JP morgan’s coin is a stable cryptocurrency coin because it can be used for fast and secure transfer of money between the banks and for international transactions.
- Why do you think JP Morgan created this coin?
JP Morgan will be an early adopter of digital currency and that will add to their credibility as a financial technology institution.
- Will the JP Morgan coin affect the perception of crypto in the financial world?
Probably – more of the banks’ customers will start adopting cryptocurrency in their transactions.
- Does this coin have any regulatory implications?
This is for the regulators to decide. Logically, it should not have any regulatory implications because all the traditional transactions are electronic anyway. It is only a change in technology.
- Is this a long-term play?
This project will be a long-term project. Some very big European banks have already a consortium to use a unified digital currency and the pilot program has been going on for a while.
We believe that digital currency will eventually replace the majority of transactions starting with big institutions and being adopted by smaller companies and individuals in the very near future.