JPMorgan Chase this morning announced the first cryptocurrency to be rolled out by a major U.S. bank. How will it be used? The new tokens, each of which represents a U.S. dollar, will help settle some payments between the bank's clients. CNBC reports that the new digital coin will enter testing "in a few months." It will facilitate a "tiny fraction" of its wholesale payments business.


The bank has come a long way on crypto. Its C.E.O., Jamie Dimon, famously declared Bitcoin a "fraud" in 2017 and said he would fire any employee caught trading it. (He later regretted his comments and added that he believed in the value of blockchain, the technology behind cryptocurrencies.)

Some 17 days before this news came out, JP Morgan was saying that cryptocurrencies would only be useful in a "dystopia" outcome (we wonder if it occurred to them that we may already be in a sufficiently-dystopic scenario...)

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