Key Takeaways:
CMF and other banks are testing JPMorgan’s JPM Coin in phase one to speed up interbank settlement times. Experts view this integration as a massive leap for modernizing bank costs. The Central Bank must amend a 2022 rule before institutions can offer crypto services to clients. Report: JPMorgan’s JPM Coin Featured In Tokenized Deposits Tests in ArgentinaAccording to local media, a group of private banks would be involved in limited trials using JPM Coin, a deposit token issued by JPMorgan, to improve interbank settlement processes between participating institutions.
Cohn also explained that during the first phase of this pilot, banks are working to integrate available services to “verify improvements in the settlement and interbank reconciliation times of the integrated banks.”
“While the concept is currently in the design phase, the objective is to implement DLT (Distributed Ledger Technology) to reduce costs and improve speed and operational efficiency,” he stressed.
