JPMorgan Chase recently released a digital asset called JPM Coin, pegged to the U.S. dollar, set for testing later in 2019. JPMorgan isn't the first of its kind, Signature Bank actually beat them to the punch
on its website, JPMorgan hinted the bank's JPM Coin might still need to sort out its regulatory parameters and approvals.JPM Coin is currently a prototype. As we move towards production we will actively engage our regulators to explain its design and solicit their feedback and any necessary approvals."
DePaolo also mentioned the Department of Financial Services appeared glad to be part of the new technology's growth."I think they were proud to be part of the process because they like their banks to be innovative," he said.The Signet Platform utilizes a private, permissioned version of the ethereum blockchain in order to help maintain specific parameters and comply with regulation.
Shay explained utilizing a public blockchain would not allow for a clean regulated process all the way through the chain. The process might start and end with verified participants but unknowingly involve nefarious or suspicious participants somewhere in the middle of the process.Essentially, you take tremendous risk in allowing something like this to be transferred in the wild, precisely because its money good deposits.
Adding further clarity on Signet's client base and focus, DePaolo detailed why larger clients are the focal point instead of retail clients. For the platform to run smoothly and inexpensively, it needs a significant amount of funds and activity.
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