A group of Argentine banks has begun piloting JPM Coin, a deposit token developed by JPMorgan for institutional use, as part of an effort to evaluate improvements in settlement and reconciliation processes. The initiative is being conducted internally, without extending any crypto-related services to retail or corporate clients. This distinction is significant because the country’s central bank continues to prohibit lenders from offering most crypto services to customers. The development was first reported by local outlet iProUP.
Banco CMF is among the confirmed participants in the program, operating through its recently established corporate unit QORP as part of JPMorgan’s minimum viable product rollout. Maximiliano Cohn, chief information officer of CMF, was quoted as saying that the first phase involves integrating available services to verify improvements in settlement times and interbank reconciliations. The tests are currently being run without the movement of real funds. Blockchain technology is used to record and reconcile operations, while actual transactions continue to be settled through conventional systems.
Industry sources cited by iProUP indicate that additional lenders, including Banco Galicia, BIND, and Banco Comafi, are considering joining the pilot program. The broader participation would expand the scope of the test and potentially strengthen the case for wider adoption of blockchain-based settlement infrastructure in the Argentine banking sector. Cointelegraph contacted Banco CMF for comment but had not received a response before publication.
The pilot is taking place against a shifting regulatory backdrop. The Banco Central de la República Argentina, the country’s central bank, is currently reviewing the rule that has barred banks from providing crypto services. While that restriction remains in force, it does not prohibit financial institutions from deploying blockchain infrastructure for internal operational purposes, which is the basis on which the current tests are proceeding.
JPMorgan announced in November 2025 that JPM Coin had become available to institutional clients following a proof of concept conducted on Base, a layer-2 network developed by Coinbase. In January, the bank partnered with Digital Asset to extend JPM Coin’s reach onto the Canton Network, broadening the token’s institutional footprint across different blockchain environments.
The Argentine pilot reflects a wider trend across Latin America, which has emerged as one of the fastest-growing regions for cryptocurrency activity globally. According to Chainalysis‘ 2025 Geography of Crypto Report, the region recorded nearly $1.5 trillion in transaction volume between mid-2022 and mid-2025, with monthly activity reaching a peak of $87.7 billion in December 2024. Brazil led the region by a substantial margin, accounting for close to one-third of total activity, with Argentina and Mexico following behind.
Originally reported by CoinTelegraph.
