JPMorgan Chase & Co. (JPM) - Get JPMorgan Chase & Co. (JPM) Report CEO Jamie Dimon, who once described bitcoin as a fraud, says the bank's new cryptocurrency for big corporate customers could eventually be available for use by consumers.

The largest U.S. bank earlier this month unveiled a new "JPM Coin" that banks, brokerage firms and corporate treasurers can use to send money to each other. For now, it's not available to retail-banking customers, but that could change at some point, Dimon told Wall Street analysts on a public conference call on Tuesday, Feb. 26. 

"JPM Coin could one day be consumer," Dimon said. He didn't elaborate on the plan or internal discussions. 

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According to JPMorgan, the new cryptocurrency will be backed by U.S. dollars on a one-for-one basis.

Customers will put money into a JPMorgan bank account, receive an equivalent amount of JPM Coin and then use the in-house credits to make payments with other JPMorgan customers. 

Such a framework sets it apart from bitcoin, which can be traded by anyone with a computer and is notably independent of the global banking system. JPMorgan claimed it's the first U.S. bank to create and successfully test a digital coin representing a fiat currency such as the dollar.

Dimon said at an investor conference in 2017 that bitcoin was a "fraud" and "worse than tulip bulbs," even as he applauded advances in blockchain, the key technology behind cryptocurrencies. He later said he regretted the comments.