Bahrain’s financial organisation at first proclaimed its JPM Coin trial in May 2021.
Bahrain is that the latest nation to explore blockchain technology by american investment bank JPMorgan, with the country’s central bank trialing JPMorgan’s proprietary digital currency.
The central bank of Bahrain (CBB) has with success completed a digital payments test unitedly with JPMorgan’s blockchain and cryptocurrency unit Onyx, in line with a political candidate announcement printed on Thursday.
The trial concerned 2 different major establishments, Manama-based international bank Bank first principle and Bahrain national metal works aluminium Bahrain, conjointly called Alba. The check enabled Bank first principle to settle period payments to Alba’s counterparts within the united states using JPM Coin, a blockchain-based payments system and stablecoin pegged to the us dollar.
According to the announcement, the CBB was liable for direction the trial.
CBB governor Rasheed Al Maraj said that the trial has been crucial for the govt. of Bahrain to handle and probably eliminate existing inefficiencies within the ancient cross-border payments business.
“We are happy to announce the success of this check, that is in line with our vision and strategy to develop and enrich the capabilities provided to stakeholders within the money services sector within the Kingdom using rising and pioneering technologies,” Al Maraj said.
The CBB previously disclosed plans to check out JPM Coin in May 2021, stating that the trial might potentially reach its central bank digital currency development.
(Helen Partz, Cointelegraph, 2022)