Roughly four months ago, U.S banking mogul, JP Morgan announced it was going to launch a stablecoin cryptocurrency that would serve as a unit of settlement of interbank transactions.
JPM Coin as the crypto industry famously labeled, however, is yet to make its full debut since the initial announcement.
A lot of developments also took place while we awaited the rollout of the cryptocurrency, most notably, Facebook announcing Libra and global regulators kicking against it, albeit a few also gave their approval.
However, it appears that Facebook may not be the only company that would have to face a regulatory web before the rollout of a cryptocurrency. To be fair, nearly every crypto project has had to face one, given the nascent nature of the industry and lack of clear regulatory boundaries.
That too appears to be the fate of JP Morgan Chase in its quest to roll out a cryptocurrency that will not be available for retail use upon launch.
Speaking to Bloomberg Japan, today on the progress of JPM Coin, Umar Farooq, head of digital treasury services and blockchain at JP Morgan had this to say,
“The technology is very good, but it takes time in terms of licensing and approval. It must be explained.”
Those lines no doubt would resonate with all crypto projects globally and interestingly has not excluded a bank with the pre-degree of JP Morgan Chase (You could ask the guys at Bitcoin Futures startup, Bakkt or ask Binance why it is geo-blocking U.S customers in favor of a U.S-focused subsidiary.)
It gets even more impressive when we consider that fact that a delay in obtaining regulatory approval could retard a potential testing phase for the bank-backed cryptocurrency. Farooq told Bloomberg that the company plans to begin pilot testing of the project with a few clients before the end of this year, but only if relevant regulators approve it.