A group of Argentine banks is testing JPMorgan‘s JPM Coin to improve settlement efficiency under strict regulatory limits. The pilot, which tracks transactions on a blockchain but settles through traditional systems, aims to reduce operational friction between institutions. This exploration occurs as crypto adoption in Latin America surges, with regional transaction volume reportedly hitting $1.5 trillion in a recent three-year period.
Argentine banks have begun a pilot test of JPMorgan‘s JPM Coin deposit token to enhance settlement efficiency. The trial focuses solely on backend institutional workflows and coordination between lenders.
Banco CMF is participating through its corporate entity QORP in this initial phase, according to a report. The bank’s chief information officer, Maximiliano Cohn, stated the primary goal is “to track changes in the settlement process and reconciliation of transactions.”
No actual funds are transferred during the pilot, as settlements continue using legacy systems. The blockchain network’s role is to maintain a record and reconcile the transactions after the fact.
The pilot operates within current rules from the Banco Central de la República Argentina (BCRA), which does not allow banks to offer cryptocurrency services to customers. However, using blockchain technology for internal bank processes is reportedly still permitted.
Industry sources indicate additional banks, including Banco Galicia, BIND, and Banco Comafi, may soon join the project. JPMorgan had expanded access to JPM Coin in late 2025 following successful testing.
This institutional exploration coincides with significant crypto activity in Latin America. A Chainalysis report noted approximately $1.5 trillion in regional transactions between mid-2022 and mid-2025.
