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JP Morgan Chase Creates Digital Coins Using Blockchain Technology

US investment bank JP Morgan has become the first US bank to create a crypto-currency to help settle payments between clients in its wholesale payments business.

The crypto-currency, which runs on blockchain technology, enables transfer of payments between institutional accounts.

According to the lender, the JPM Coin is not money per se. It is a digital coin representing United States Dollars held in designated accounts at JPMorgan Chase N.A. In short, a JPM Coin always has a value equivalent to one U.S. dollar.

"We are supportive of crypto-currencies as long as they are properly controlled and regulated," Umar Farooq, JP Morgan's head of Digital Treasury Services and Blockchain, wrote in an online Q&A page.

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