Argentine Banks Test JPM Coin as Central Bank Reviews Crypto Ban: Report

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According to local outlet iProUP, Argentine banks are testing JPMorgan’s custodial token infrastructure for back-end settlement flows, even as the country’s central bank continues to prohibit lenders from offering most cryptocurrency-related services to customers.

A group of financial institutions has started a pilot program for JPM Coin, a deposit token intended for institutional utilize. Banco CMF is among the confirmed participants and operates through the newly established QORP corporate unit under JPMorgan’s minimum viable product, according to report.

“In the first phase, banks are expected to work on integrating available services to verify the improvement in settlement and interbank reconciliation times of integrated banks,” Maximiliano Cohn, CMF’s CIO, told the outlet.

The tests are conducted without transferring any real funds. Transactions are settled through customary systems, while blockchain is used to record and reconcile operations. Industry sources cited by iProUP suggest that other lenders, including Banco Galicia, BIND and Banco Comafi, are considering joining the program.

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The initiative comes as Banco Central de la República Argentina (BCRA), Argentina’s central bank, reviews a rule that prohibits banks from offering crypto services. While the restriction still applies, it does not prevent institutions from using blockchain infrastructure internally.

Cointelegraph reached out to Banco CMF for comment but did not receive a response via publication.

JPMorgan announced in November 2025 that JPM Coin became available to institutional clients after a proof of concept on Coinbase’s Layer 2 Base network. In January, the bank joined Digital Asset to expand JPM Coin to the Canton network.

Related: Why Argentina is blocking Polymarket despite global growth

Rapid growth of the cryptocurrency market in Latin America

Latin America has emerged as one of the fastest-growing cryptocurrency regions, recording nearly $1.5 trillion in transaction volume between mid-2022 and mid-2025, with monthly activity peaking at $87.7 billion in December 2024. According to to Chainalytics’ 2025 Crypto Geography Report

LATAM countries leading in crypto. Source: Chain Analysis

The report shows that Brazil leads the market by a significant margin, accounting for almost a third of regional activity, followed by Argentina and Mexico.

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