JPM and company, including CEO Jaime Dimon, are getting some flack for their new company coin after publicly criticising Bitcoin. That’s how the Internet works I guess.
Of course, some don’t consider this a cryptocurrency since it’s not for the retail crowd, and only meant to be used the institutions working with JPM. It’s potentially a XRP killer, or at least that’s what the media is saying. And then others calling it a complete fraud:
But all that’s happening with JPM Coin, a stablecoin pegged to the dollar at a 1 to 1 ratio, is a client gives JPM a dollar, and JPM’s computer remembers it gave them a dollar and that they’re obligated to give it back when the customer wants to withdraw it.
That is literally exactly how things were at JPM before this so-called cryptocurrency. Clients would give them their money, and they’d give it back when the clients asked for it.
That’s just called banking.
That’s pretty funny. “That’s just called banking.”