Argentina banks pilot JPM Coin to speed settlement despite BCRA crypto limits

Argentina’s banks are reportedly piloting JPMorgan’s JPM Coin to improve settlement workflows, aiming to speed interbank settlement and reconciliation, according to iProUP. The trial uses a “deposit token” style infrastructure for back-end settlement and reconciliation. Banco CMF is named as a participant via its corporate unit QORP. In phase one, banks are expected to run integrations and validate results without moving real funds: traditional payment rails handle settlement, while blockchain is used to record and reconcile operations. Other lenders, including Banco Galicia, BIND, and Banco Comafi, are reportedly considering joining. The effort comes as Argentina’s central bank (BCRA) reviews rules that previously barred regulated lenders from offering most crypto services. Importantly for traders: the BCRA restriction is not lifted for customer-facing crypto services. However, the tests indicate growing institutional experimentation with JPM Coin and enterprise blockchain settlement rails in LATAM. Separately, JPMorgan said in Nov 2025 that JPM Coin became available to institutional clients after a proof of concept on Coinbase-developed Base, and later expanded to the Canton Network after joining Digital Asset in Jan.