Are JP Morgan to Introduce their own Cryptocurrency?
By Mark Lemon – Cryptocurrency Professional
JP Morgan are reportedly developing their own cryptocurrency after Chief Executive Officer (CEO) Jamie Dimon slated the industry back in 2017. Though the mechanics and function will be like a cryptocurrency, the coin will not be powered by a public blockchain but instead have permissioned users.
As opposed to Bitcoin which started from the ground and is working its way up, the JPM Coin is starting from the top. Regular users will not be able to sell crypto and exchange for this coin as only select institution will have access. Financial institutions will gain access to use the coin for transactions between these entities to save on expenses and for increased efficiency. Customers using the blockchain will have to comply with all Anti-Money Laundering (AML) and Know-Your-Customer (KYC) rules imposed for the platform.
JP Morgan say the coin will be introduced for international payments to try and alleviate deficiencies in the system. International payments can incur delays of greater than 24hrs and by using the JPM coin, clients will be able to benefit from instant settlement. JP Morgan reportedly transacts more than $5 trillion in wholesale payments each day. If they were to use the JPM coin to exchange Bitcoin or another currency for international payments, it could have a great impact.
Securities transactions is another arena which clients could benefit. They could receive instant settlement in the form of the JPM Coin able to cash out crypto for cash at a 1-1 ratio due to the stable mechanics of the coin. This cryptocurrency like many other Stablecoins, will hold a reserve dollar value equal to the coins in circulation and minted.
JP Morgan has not ruled out plans to bring JPM Coin to an individual level. We could potentially see the coins become available for personal trading in the future. Don’t forget to head to our platform to sell Bitcoin UK or to convert your crypto to cash.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards