Investing.com - Prices of major digital coins stayed little changed in Asia on Friday. Reports that JP Morgan launched its own digital coin to help the bank settle payments between clients was the focus among crypto traders.
Known as “JPM Coin,” it will help the U.K. bank transfer payments instantly using the blockchain technology, instead of using the slower technology of wire transfers.
JP Morgan said clients who deposit money at the bank will be given the JPM Coin for making transactions. The coin has a stable value as it can be redeemed for a U.S. dollar.
JP Morgan’s move was widely seen as a surprise as its CEO Jamie Dimon reportedly called Bitcoin a “fraud” back in 2017.
But to introduce its JPM Coin, the bank said it would support “cryptocurrencies as long as they are properly controlled and regulated”, and that it believes in the potential of blockchain technology.
Crypto coins trading did not react much on the news on Friday in Asia.
Bitcoin traded only 0.17% higher to $3,618.5 by 1:30 AM ET (06:30 GMT). The world’s largest digital coin was still holding above $3,600.
Ethereum slipped 0.34% to $122.97 and XRP dropped 0.07% to $0.30350. Litecoin added 2.34% to $42.727.
In a separate development, Indonesian regulators require Bitcoin brokers to have a minimum capital of over $70 million to launch futures trading for crypto assets. Local industry insiders criticized that the amount is higher than the cost of operating a rural bank, saying the move stifled industry growth.
Indonesia has adopted a conservative approach as its central bank still prohibits cryptocurrencies as payment instrument. Its ASEAN peer Thailand, on the other hand, has legalized seven cryptocurrencies and its stock exchange is looking to operate a crypto exchange.