JPMorgan exec weighs in on stablecoin regulation and competition in crypto payments

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2021-01-17 17:43 (UTC+8)

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While the U.S. OCC’s new stablecoin guidelines have no effect on JPMorgan’s JPM Coin, JPMorgan may use crypto payments if there is demand.

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While the U.S. OCC’s new stablecoin guidelines have no effect on JPMorgan’s JPM Coin, JPMorgan may use crypto payments if there is demand.

Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), Author: ANDREW THURMAN, reproduced by Odaily with authorization.

Editor's Note: This article comes from

Cointelegraph Chinese (ID: CointelegraphChina), Author: ANDREW THURMAN, reproduced by Odaily with authorization.The problem.

On JP Morgan Chase's Q4 2020 earnings call, regarding the recent OCC approval for banks to use stablecoins for payments and whether this will have an impact on the development of JPMorgan's own token, JPM Coin, JPMorgan Chase Chief Executive Jamie Dimon and CFO Jennifer Piepszak weighed in.During the question-and-answer segment of the conference call, Portales Partners analyst Charles Peabody askedOCC Approves Banks to Use Public Blockchain Network for Payments

The problem.

According to call

Record

JPMorgan Chase Chief Financial Officer Jennifer Piepszak responded: "According to this guidance, stablecoins can be issued on public blockchains. So this will not affect JPM Coin. You should think of JPM Coin as a proxy for our customer deposits." currency form."However, she did not rule out the possibility of using a JPMorgan-backed stablecoin, provided clients show interest."So, obviously it's very early days. We'll be evaluating use cases and customer needs. But it's too early to see where we're headed."

JPMorgan Chase CEO Jamie Dimon was also quick to say that JPMorgan "is already using blockchain for data sharing with banks, so it's good that we're at the forefront."

JPMorgan’s JPM Coin debuted in October 2020,

It is mainly used in the background of JPMorgan Chase's payment system, helping to settle nearly $6 trillion in payments every day. During the conference call, Piepszak also described the JPM Coin project as "tokenized deposits that are easier for customers to pay."。

Ultimately, Dimon seemed to imply that crypto payment settlements won’t have much of an impact on how JPMorgan operates.“Rumor has it that there are a few banks that have digital currency or something, right?” concluded Dimon. "So I do expect this stuff to come, and it probably won't make a lot of difference in our world."However, Dimon may have underestimated