JPMorgan's JPM Coin Undergoes Testing by Banks in Argentina for Faster Transaction Processing
Financial institutions in Argentina are conducting trials with JPMorgan's JPM Coin blockchain solution aimed at enhancing settlement efficiency and speed, despite ongoing central bank limitations on cryptocurrency offerings.
Financial institutions in Argentina are conducting trials with JPMorgan's deposit token technology for backend settlement operations, despite the nation's central banking authority continuing to prohibit banks from providing the majority of cryptocurrency-related offerings to their customers, as reported by iProUP, a local news source.
Several banking institutions have initiated pilot programs with JPM Coin, which is a deposit token created specifically for institutional applications. Among the banks confirmed to be participating is Banco CMF, which is conducting its involvement via QORP, its recently established corporate division, as part of JPMorgan's minimum viable product initiative, according to the report.
"In the first phase, banks are expected to work on integrating available services to verify improvements in settlement times and interbank reconciliations of integrated banks,"
Maximiliano Cohn, chief information officer of CMF
These pilot programs are being executed without the transfer of actual funds. Settlement of transactions occurs via conventional systems, whereas blockchain technology is utilized for recording and reconciling the operations. Sources from the industry referenced by iProUP indicate that additional financial institutions, such as Banco Galicia, BIND and Banco Comafi, are evaluating participation in the initiative.
This development occurs as the Banco Central de la República Argentina (BCRA), Argentina's central banking institution, is conducting a review of regulations that previously prohibited banks from providing cryptocurrency services. Although this restriction continues to be enforced, it does not block institutions from utilizing blockchain technology for internal operations.
Cointelegraph contacted Banco CMF requesting commentary, but no response had been received at the time of publication.
In November 2025, JPMorgan announced that JPM Coin had been made accessible to institutional clients after completing a proof of concept on Base, the layer-2 network developed by Coinbase. The bank partnered with Digital Asset in January to extend JPM Coin's availability onto the Canton Network.
Latin America's crypto market surges
Latin America has become recognized as among the most rapidly expanding cryptocurrency regions globally, registering approximately $1.5 trillion in transaction volume during the period from mid-2022 to mid-2025, with monthly activity reaching a peak of $87.7 billion in December 2024, based on data from Chainalysis' 2025 Geography of Crypto Report.
Brazil dominated the regional market by a substantial margin, representing almost one-third of all regional cryptocurrency activity, with Argentina and Mexico following in second and third positions, according to the report.