Quote from: avikz on February 14, 2019, 07:24:57 PM

Quote from: abhinav94 on February 14, 2019, 01:47:10 PM

Worlds First Cryptocurrency By Bank

Announced on Feb 14, 2019, JPM Coins headline surprised many crypto enthusiasts since, in last few years, the name of JPMorgans Jamie Dimon appears on headline while criticizing the largest cryptocurrency, bitcoin. In fact, CEO Jamie Dimon called Bitcoin as a fraud. However, few Engineers at Bank have rolled a new coin on Banks name which intends to transfer the minimum payment in initial.

Read Here - https://coingape.com/jpmorgan-launches-jpm-coin-first-bank-launch-cryptocurrency/

It is an imminent future. Soon we will see a plethora of new bank backed coins in the market which will be strictly centralized in nature. Banks will be creating those coins to bypass various third parties in an international transaction and to keep technology cost at the bare minimum level.

It's not going to end here! The second phase of this will be government backed cryptos. They are coming as well. Those will be backed up by the national currencies of the issuing countries.

Frankly speaking, I am not surprised by this news because I got a hint of it back in September last year. Refer to the below link,

https://www.coindesk.com/over-75-new-banks-jpmorgan-expands-blockchain-payments-trial

Completely agree. Banks will create their own cryptos to advance beyond the slow expensive legacy financial system, as JPM is doing. This will lead to skeptics and naysayers starting to accept cryptocurrency ("if big corporations support it then it must be legit"). Eventually nations will issue crypto versions of their fiat money, the US will totally issue a USD Coin eventually, it only makes sense nations currency would advance with the readily available technology.

And then the reserve currency of the world will be Bitcoin. Basically people will keep savings in bitcoin and when people spend their bitcoin merchants will just convert it into gov't backed USD coin. If companies eventually just start paying people in gov't backed USD Coin that actually would act as a natural onramp to bitcoin because they no longer do you need to go through the legacy financial system to buy bitcoin, you just exchange it for bitcoin directly.

The fiat system moving to crypto will help bitcoin become the reserve currency of the world. JPM Coin looks like the first step in the big boys (first banks, then governments) accepting crypto as the future of payments, with bitcoin going right along with them.