The first authentic American digital currency was unveiled

The first authentic American digital currency was unveiled
Abstract

According to the BBC, this virtual currency, known as the JPM Quinn, is the first authentic currency in the United States supported by a bank. The currency, which is based on the BLOCKCHAIN, has successfully managed to transfer funds from a bank account to a customer's account.

17 11 19

According to the BBC, this virtual currency, known as the JPM Quinn, is the first authentic currency in the United States supported by a bank. The currency, which is based on the BLOCKCHAIN, has successfully managed to transfer funds from a bank account to a customer's account.

Despite the fact that Jimmy Damon, JPMorgan's managing director, has been one of the public critics of Bitcoin in recent years, said in a news conference on the occasion of the announcement of the exchange, "He has always believed in the great potential of the BLOCKCHAIN "




Omar Farooq, director of the Digital Financial Services and Blocks Department of the JPM Morgan Bank, said: "As long as the virtual currencies are controllable and legislative, we support them."

Virtual currencies can be used in the real world for many things like booking hotels, paying for food and even renting a home, but anonymizing users is one of the biggest weaknesses in the currency. Due to this anonymity, these currencies are also highly popular among criminals and criminals.

According to JP Morgan, there is currently no possibility of using this new currency for customers, and this technology is supposed to be used to transfer funds within the network.

However, some experts believe that JP Morgan did not need to create a virtual currency. "The JP Morgan did not need digital currency at all, because it can do things like it used to be done through its database," said David Gerrard, author of The Bitcoin, Block Cell, Otterioum and Intelligent Contracts.

In response to critics, the JPMorgan Bank said that the use of BLOCKCHAIN technology will increase the speed of financial transfers and will minimize the risk of mistakes in its customer accounts, while the cost of banking operations will be reduced.

 

User's perspective
(Required)
(Required)