JPMorgan Chase to create digital coins using blockchain for payments

The largest U.S. bank by assets said customers, on depositing money at the bank, will be issued the cryptocurrency that they will be able to use for transactions over the network with other JPMorgan clients. When one client sends money to another over the blockchain, JPM Coins are transferred and instantaneously redeemed for the equivalent amount of U.S. dollars, reducing the typical settlement time, the bank said. Chief Executive Officer Jamie Dimon once criticized the former high-flying bitcoin, calling it a "fraud" in 2017.

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