Bahrain’s central bank initially announced its JPM Coin trial in May 2021.
6256 Total views
68 Total shares
Bahrain is 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 successfully completed a digital payments test in collaboration with JPMorgan’s blockchain and cryptocurrency unit Onyx, according to an official announcement published on Thursday.
The trial involved two other major institutions, Manama-based international bank Bank ABC and Bahrain national aluminum smelter Aluminium Bahrain, also known as Alba. The test enabled Bank ABC to settle real-time payments to Alba’s counterparts in the United States using JPM Coin, a blockchain-based payments system and stablecoin pegged to the United States dollar.
According to the announcement, the CBB was responsible for supervising the trial.
CBB governor Rasheed Al Maraj said that the trial has been crucial for the government of Bahrain to address and potentially eliminate existing inefficiencies in the traditional cross-border payments industry.
“We are pleased to announce the success of this test, which is in line with our vision and strategy to develop and enrich the capabilities provided to stakeholders in the financial services sector in the Kingdom using emerging and pioneering technologies,” Al Maraj said.
The CBB previously disclosed plans to test out JPM Coin in May 2021, stating that the trial could potentially extend to its central bank digital currency development.
Related: WhatsApp starts testing currency payments with Meta’s Novi wallet
Originally announced in 2019, JPM Coin was commercially launched in October 2020.
The investment bank has been actively promoting its blockchain tech for global use, partnering with Singapore’s largest bank, DBS, to pilot a blockchain payments system. JPMorgan previously provided its Liink blockchain technology to the State Bank of India to reduce transaction costs and improve cross-border payments.
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
OLIGHT Arkfeld Ultra 1400 Lumens EDC Flat Flashlight, Rechargeable Compact Pocket Light Combines White Light, UV Light, and Green Beam, Triple Light Sources Perfect for Checking, Working (Olive Green)
$89.99 (as of December 11, 2024 19:02 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Honeysuckle Perfume Oil, Natural Organic Botanical, Pure Essential Oil Blend Roll-On by Shamarwyn
$20.99 (as of December 11, 2024 19:08 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Balaclava Ski Mask (with Breathable Holes) Windproof Winter Fleece Neck Face Warmer for Men&Women
$7.99 (as of December 11, 2024 19:02 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
OLIGHT Oclip Pro EDC Flashlight Clip-on Light, Rechargeable Flashlights 500 Lumens with Triple Lights Type-C Charging, Portable Magnetic Light for Signaling, Cycling, Outdoor or Indoor Uses(Black)
$39.99 (as of December 11, 2024 19:02 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
