Argentine banks testing JPMorgan’s JPM Coin to speed up settlements: Report

Written by Amin Haqshanas, Staff WriterReviewed by Bryan O’Shea, Staff EditorArgentine banks testing JPMorgan’s JPM Coin to speed up settlements: Report9 hours agoArgentine lenders are reportedly testing JPMorgan’s JPM Coin to improve settlement speed and efficiency, even as the central bank maintains restrictions on crypto services.       Listen0: 00 Cointelegraph in your social feed           Argentine banks are reportedly testing JPMorgan’s deposit token infrastructure for back-end settlement workflows, even as the country’s central bank still bars lenders from offering most crypto-related services to clients, according to local outlet iProUP. A group of financial institutions has begun piloting JPM Coin, a deposit token designed for institutional use. Banco CMF is among the confirmed participants, working through its newly launched corporate unit QORP as part of JPMorgan’s minimum viable product, per the report. “In the first phase, banks are expected to work on integrating available services to verify improvements in settlement times and interbank reconciliations of integrated banks, ” Maximiliano Cohn, chief information officer of CMF, reportedly told the outlet. The tests are being conducted without moving real funds. Transactions are settled through traditional systems, while blockchain is used to record and reconcile operations.