JPM Coin could one day be consumer product, Jamie Dimon says

“JP Morgan Coin could be internal, could be commercial, it could one day be consumer,” Dimon said during a Q&A session at the bank’s annual investor day.

Earlier this month, the largest US bank announced plans to conduct trials for its own ‘stablecoin’ called JPM Coin. The token will be pegged to the US dollar.

Dimon has been one of the biggest critics of the original cryptocurrency, Bitcoin. In 2017 he went so far as calling the digital currency “a fraud”, but even then he spoke positively about blockchain technology.

“Blockchain is real. You can have crypto yen and dollars and stuff like that,” the CEO said in an interview with Fox Business in early 2018.

Dimon’s latest comments about JPM Coin suggest that the US lender may have much greater ambitions for the token than it is currently willing to reveal. For now, J.P. Morgan plans to utilise the token the business-to-business services, such as settlement of transactions between corporate clients and the company has stated that it has no plans to offer access to JPM Coin to individuals. When unveiling the JPM Coin last week, Umar Farooq, head of J.P. Morgan’s blockchain projects, hinted that the token was part of the bank’s preparations for a potential blockchain fuelled financial world.

“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,” Farooq said, as quoted by CNBC. “The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this,” he added.

J.P. Morgan said that it would start trials for the JPM Coin in a few months.