Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Crypto Flat; JP Morgan Issues Digital Token

Published 02/15/2019, 01:32 AM
Updated 02/15/2019, 01:32 AM

Investing.com - Prices of major digital coins stayed little changed in Asia on Friday. Reports that JP Morgan launched its own digital coin to help the bank settle payments between clients was the focus among crypto traders.

Known as “JPM Coin,” it will help the U.K. bank transfer payments instantly using the blockchain technology, instead of using the slower technology of wire transfers.

JP Morgan said clients who deposit money at the bank will be given the JPM Coin for making transactions. The coin has a stable value as it can be redeemed for a U.S. dollar.

JP Morgan’s move was widely seen as a surprise as its CEO Jamie Dimon reportedly called Bitcoin a “fraud” back in 2017.

But to introduce its JPM Coin, the bank said it would support “cryptocurrencies as long as they are properly controlled and regulated”, and that it believes in the potential of blockchain technology.

Crypto coins trading did not react much on the news on Friday in Asia.

Bitcoin traded only 0.17% higher to $3,618.5 by 1:30 AM ET (06:30 GMT). The world’s largest digital coin was still holding above $3,600.

Ethereum slipped 0.34% to $122.97 and XRP dropped 0.07% to $0.30350. Litecoin added 2.34% to $42.727.

In a separate development, Indonesian regulators require Bitcoin brokers to have a minimum capital of over $70 million to launch futures trading for crypto assets. Local industry insiders criticized that the amount is higher than the cost of operating a rural bank, saying the move stifled industry growth.

Indonesia has adopted a conservative approach as its central bank still prohibits cryptocurrencies as payment instrument. Its ASEAN peer Thailand, on the other hand, has legalized seven cryptocurrencies and its stock exchange is looking to operate a crypto exchange.

Latest comments

Backed by the bank, so basically Fiat currency like an IOU or a Bitcoin, I'm sure that will end well. Issuing power is given to the fed. It should be in the hands of the people. Definitely shouldn't allow pawnzy schemes.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.