💵 [Analysis] Why it’s important to point out that JPM Coin is not a cryptocurrency - Jerry Brito

Regardless of J.P. Morgan’s and other’s marketing claims, JPM Coin is not a cryptocurrency, and that’s a distinction that matters. The FAQ release even said as much: JPM Coin is redeemable one-to-one in fiat held by J.P. Morgan and is only accessible via permissioned, KYC on-boarding system. Crypto, and specifically Bitcoin ($BTC), is neither of these. Crypto is permissionless, open digital cash. The responsible action would have been marketing JPM Coin for what it is, a new inter-bank settlement network. Drawing comparisons to Bitcoin through poor language only muddles public opinion. Going forward, clarity in language from institutions moving into the space is necessary.