A group of Argentine financial institutions has begun piloting JPMorgan's JPM Coin, a deposit token designed for institutional use, to test blockchain technology for improving back-end settlement workflows. According to a report by local outlet iProUP, the pilot is part of JPMorgan's minimum viable product (MVP) program and is being conducted even as the country's central bank maintains restrictions on banks offering crypto-related services to clients.
Banco CMF is a confirmed participant, operating through its newly launched corporate unit QORP. Maximiliano Cohn, Chief Information Officer of CMF, stated that "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." The tests are being conducted in a "no money" hybrid model, meaning transactions are settled through traditional systems while the blockchain is used solely to record and reconcile operations, eliminating immediate financial risk.
Industry sources suggest other lenders, including Banco Galicia, BIND, and Banco Comafi, are considering joining the program. The initiative comes as the Banco Central de la República Argentina (BCRA) is reviewing a rule that currently bars banks from offering crypto services to customers. This restriction, however, does not prevent internal use of blockchain infrastructure.
JPMorgan made JPM Coin available to institutional clients in November 2025 following a proof of concept on the Coinbase-developed layer-2 network, Base. In January 2026, the bank partnered with Digital Asset to expand JPM Coin onto the Canton Network.
The pilot reflects a broader trend in Latin America, which Chainalysis identified in its 2025 Geography of Crypto Report as one of the fastest-growing crypto regions. The region recorded nearly $1.5 trillion in transaction volume between mid-2022 and mid-2025, with monthly activity peaking at $87.7 billion in December 2024. Brazil leads regional activity, followed by Argentina and Mexico.
