Argentine banks are reportedly testing JPMorgan’s deposit token infrastructure for back-end settlement workflows, even as the country’s central bank continues to ban lenders from offering most crypto-related services to customers, according to local iProUP.
A group of financial institutions have started testing JPM Coin, a deposit token designed for institutional use. Banco CMF is among the confirmed participants, operating through its recently launched QORP business unit as part of JPMorgan’s minimum viable product, the report said.
“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,” CMF chief information officer Maximiliano Cohn reportedly told the newspaper.
The tests are conducted without moving real funds. Transactions are handled through traditional systems, while blockchain is used to record and reconcile transactions. Industry sources quoted by iProUP suggest that other lenders, including Banco Galicia, BIND and Banco Comafi, are considering joining the program.
Related: New evidence in the Libra investigation renews questions about Milei’s involvement
The initiative comes as the Banco Central de la República Argentina (BCRA), Argentina’s central bank, reviews a rule banning banks from offering crypto services. While the restriction remains in place, it does not prevent institutions from using the blockchain infrastructure internally.
Cointelegraph contacted Banco CMF for comment but had not received a response by publication.
JPMorgan said in November 2025 that JPM Coin had become available to institutional clients following a proof of concept on Coinbase’s Base layer-2 network. In January, the bank joined Digital Asset to expand JPM Coin to the Canton Network.
Related: Why Argentina Blocks Polymarket Despite Its Global Growth
The Latin American crypto market is rising
Latin America has emerged as one of the fastest growing crypto regions, with transaction volumes approaching $1.5 trillion between mid-2022 and mid-2025, with monthly activity peaking at $87.7 billion in December 2024, according to Chainalysis’ 2025 Geography of Crypto Report.
Brazil led the market by a wide margin, accounting for almost a third of regional activity, followed by Argentina and Mexico, the report said.
Magazine: It could take seven years for Bitcoin to upgrade to post-quantum – co-author of BIP-360