Argentine Banks Test JPM Coin Behind Central Bank's Back (Very Internal, Very Legal)

Argentine banks are giving JPMorgan's JPM Coin a whirl, even though the central bank still hasn't lifted its ban on most crypto services for lenders. It's like sneaking out after curfew—technically against the rules, but nobody's getting caught.

According to local outlet iProUP, a group of financial institutions has started piloting JPM Coin, JPMorgan's deposit token designed for institutional use. Banco CMF is confirmed to be on board, working through its corporate unit QORP as part of JPMorgan's minimum viable product. The MVP in question is basically a blockchain sandbox where banks can touch the hot stove without actually getting burned.

In the first phase, banks are working on integrating available services to verify improvements in settlement times and interbank reconciliations, CMF's chief information officer Maximiliano Cohn told the outlet. Translation: they're seeing if this thing actually makes their lives easier without triggering any regulatory heart attacks.

Here's the twist: the tests aren't moving real funds. Transactions are settled through traditional systems, while blockchain is used purely for recording and reconciling operations. Very internal, very compliant. It's basically using a Ferrari to drive to the mailbox at the end of the driveway—showy, but technically you're still following the speed limit.

Industry sources say other lenders, including Banco Galicia, BIND and Banco Comafi, are considering joining the program. The FOMO is real, and nobody wants to be the bank still using carrier pigeons when everyone else has moved to digital.

The Banco Central de la República Argentina (BCRA) is currently reviewing the rule that barred banks from offering crypto services. Until then, the restriction doesn't stop institutions from using blockchain infrastructure behind the scenes. It's the financial equivalent of texting under the table at dinner—your parents might not approve, but that doesn't stop you from doing it.

JPMorgan said in November 2025 that JPM Coin had become available to institutional clients following a proof of concept on Coinbase's layer-2 network Base. In January, the bank joined Digital Asset to expand JPM Coin onto the Canton Network. JPM Coin is basically playing musical chairs across every blockchain that will have it—at this point, it's less a coin and more a very expensive hotel guest checking into every room.