The central bank of Bahrain is testing JPMorgan’s proprietary digital currency, making it the latest government to study blockchain technology from global investment giant JPMorgan.
According to an official release, CBB has successfully conducted a digital payment demonstration with JPMorgan’s blockchain and cryptocurrency business Onyx.
Bank ABC, a Manama-based international bank, and Aluminium Bahrain, also known as Alba, Bahrain’s national aluminium smelter were among the institutions which were involved in the trial. Using the JPM Coin, a blockchain-based payment system and stablecoin pegged to the US dollar, Bank ABC was able to settle real-time payments to Alba’s counterparts in the US.
The CBB was in charge of overseeing the trial, according to the release.
The experiment, according to CBB governor Rasheed Al Maraj, was critical for Bahrain’s government to address and perhaps eradicate existing inefficiencies in the traditional cross-border payments industry.
Al Maraj :We are glad to flag the triumph of this test. This test keeps with our vision to grow and enrich the potential of stakeholders in the Kingdom’s financial services industry using emerging and pioneering technology.
The CBB previously stated that it intends to test the JPM Coin in May 2021, with the possibility of the experiment extending to its central bank digital currency development.
That’s it for now. Have a productive day, reader 🙂
