Key Takeaways:
CMF tests JPM Coin in phase one trials to slash settlement times, paving the way for future crypto banking. TRM Labs warns stablecoins fund 95% of illicit Latam inflows, triggering an impending wave of AML laws next. Javier Milei halts his dollarization plan as locals reject the USD, forcing a pivot in future policy. Local Banks Pilot JPMorgan’s JPM Coin 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.”
TRM Labs: While Risks Remain, Compliance Advances in LatamTRM Labs states that the threats are well-documented in the region, including flows linked to the Sinaloa Cartel, leveraging local brokers and P2P exchanges to launder funds using Chinese organizations as intermediaries to process over $103 billion in 2025 alone.
Milei Walks Back on Dollarization: ‘People Don’t Want It’President Javier Milei has explained why the process of dollarizing Argentina might be more complex than expected, as it has hit a solid roadblock.
Milei, who campaigned and won the Argentinian presidency on the promise of adopting the U.S. dollar as fiat currency, ending the peso, and disbanding the central bank, acknowledged a newfound obstacle to his plans.
“People don’t want it,” said Milei, referring to using the U.S. dollar instead of the Argentinian peso.
