The Central Bank of Bahrain (CBB) decided to take new actions in order to improve the client experience for safe and effective settlement services. As a result, the bank conducted a test run of the JPM cryptocurrency to meet this requirement. This inter-border test intersects with the blockchain technology used by a US bank. The test included two other significant firms: Bank ABC, located in Manama, and Aluminum Bahrain. Aluminum Bahrain is the first aluminium smelter in the entire Middle East and is even more famous than the Alba. The trial enables Bank ABC to facilitate live payments to Aluminum Bahrain via the JPM cryptocurrency.
The trial project was managed by Bahrain’s Central Bank, and the outcome was deemed beneficial to both sides. Mr. Rasheed Al-Maraj, the Governor of Bahrain’s Central Bank, also explained the test’s success. He also stated that the Kingdom will continue to use cutting-edge technology to improve local financial distribution.
In a statement, he stated that the business wants to eliminate the ineffectiveness of legacy inter-border transactions by cooperating with Bank ABC, Alba, and JPMorgan’s Onyx.
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