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But soon after JPM Coin went live, regulators began calling, said a person familiar with the topic who was not authorized to speak publicly. They worried that the campaign of the coins around the fiscal system could cause a buildup of risk because they were tied to the dollar, sparking a panic and leading to the twenty-first century translation of a bank run. The trust had to cut rear on the oscilloscope of JPM Coin ’ sulfur use. now, JPM Coin can not be used to transfer measure outside JPMorgan ’ s inner systems. Bank customers can use it to move dollars and other assets bet on and forth inside the bank about instantaneously, but it is meaningless in the broad global. Regulators have besides trained their sights on smaller banks trying to build cryptocurrency businesses. In 2018, the New York-based Quontic Bank, with precisely $ 1 billion in assets, asked the top U.S. banking governor, the Office of the Comptroller of the Currency, for feedback on its plans to launch a debit card program that gave customers rewards denominated in Bitcoin .