Cryptocurrency JPM Coin useless for banks

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This was during a conversation in Washington in the Chamber of Digital Commerce said brad Garlinghouse, CEO of Ripple noting, however, that it appreciated the move by the Bank JP Morgan.
He believes that the emergence of such a major player like JP’s “significant event” for the cryptocurrency sphere. He added: “However, this is all I can say about this”
Recall that Garlinghouse company continues to implement development in financial institutions based on the technology of the distributed registry, and actively cooperates with the major banks in the payments, including products using XRP.
However, today the head of the Ripple is convinced that the last event associated with the introduction of JP Morgan private cryptocurrency has no future.
“You convert dollars to cryptocurrency JPM, you can use the registry JPM. But why? Just use dollars. If you use the token and it is related to the dollar one to one, to what purpose and what problems it solves JPM Coin?”
Thus, he suggested that the Bank is creating their own cryptocurrency, will not solve the same problems that arise when using a distributed registry (DLT). Therefore, a new token is no different from the same XRP, and it also lacks the principles of interaction returning us to the starting point.
Elena Sverdlova,
Senior analyst,
Stock Markets Group