“JPMorgan Chase & Co. (JPM) has no plans to introduce a competing product to Bitcoin, the digital money created as an alternative to currencies controlled by nations and banks, according to a person familiar with the matter. JPMorgan, the biggest U.S. bank by assets, doesn’t have anything in development nor does it plan to produce virtual currencies to compete with Bitcoin, said the person, who asked not to be identified because the New York-based company’s strategy isn’t public. The Financial Times reported earlier today that the lender filed a U.S. patent application for a system that, like Bitcoin, allows users to make electronic payments anonymously and without fees.”
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