Argentine banks are reportedly testing JPMorgan’s deposit token infrastructure for back-end settlement workflows, even as the country’s central bank still bars lenders from offering most crypto-related services to clients, according to local outlet iProUP.
A group of financial institutions has begun piloting JPM Coin, a deposit token designed for institutional use. Banco CMF is among the confirmed participants, working through its newly launched corporate unit QORP as part of JPMorgan’s minimum viable product, per the report.
“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,” Maximiliano Cohn, chief information officer of CMF, reportedly told the outlet.
The tests are being conducted without moving real funds. Transactions are settled through traditional systems, while blockchain is used to record and reconcile operations. Industry sources cited by iProUP suggest other lenders, including Banco Galicia, BIND and Banco Comafi, are considering joining the program.
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The initiative comes as the Banco Central de la República Argentina (BCRA), the central bank of Argentina, is reviewing a rule that barred banks from offering crypto services. While the restriction remains in place, it does not prevent institutions from using blockchain infrastructure internally.
Cointelegraph reached out to 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 the Coinbase-developed layer-2 network Base. In January, the bank joined Digital Asset to expand JPM Coin onto the Canton Network.
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Latin America’s crypto market surges
Latin America has emerged as one of the fastest-growing crypto regions, recording nearly $1.5 trillion in transaction volume 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.
LATAM countries leading in crypto. Source: Chainalysis
Brazil led the market by a wide margin, accounting for nearly one-third of regional activity, followed by Argentina and Mexico, per the report.
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