Bahrain Central Bank Successfully Completes Its Digital Payment Trial With JPM Coin

By | January 11, 2022

Bahrain’s central bank (CBB) successfully completed a test of the JPM coin in association with Onyx, the blockchain and cryptocurrency unit of JPMorgan.

The trial test included two other organizations, Manama-based ABC Bank and Bahrain’s national aluminum smelter, Aluminum Bahrain or (Alba).

Bahrain Central Bank explores blockchain technology

According to the officer advertisement, the trial involved Manama-based ABC bank to initiate real-time digital payments with Alba using JPM Coin, which is a blockchain-based token and stablecoin pegged to the US dollar.

According to the official announcement, the test has been accredited as unique in the region, which was supervised by the Central Bank of Bahrain. The announcement also included how the country will continue its efforts to simplify fintech to help deliver the best customer experience to the masses.

“The promising results of the proof of payment, which was overseen by the Central Bank of Bahrain, indicate the Kingdom’s commitment to elevating financial technology and striving to provide the highest quality services and the best customer experience to continue to lead the way. path of transformation of financial technology. in the region, ”the ad also said.

CBB had previously disclosed its plans to explore digital currency payments using JPM Coin and stated that the trial can help the bank expand its Central Bank Digital Currency development.

Speaking about the successful completion of the JPM Coin trial, CBB Governor Rasheed Al Maraj said that it will continue to employ “pioneering technologies” to improve the country’s financial framework.

Alba CEO Ali Al Baqali, Bank ABC Group Executive Vice President Sael Al Waqary expressed similar sentiments, affirming their commitment to the development of Bahrain’s financial services.

JPMorgan Bahrain CEO Ali Mousa also commented on the lawsuit confirming their commitment to “spearhead the construction of the next generation of clearing and settlement infrastructure”, and stated that they are delighted to be working with Alba and Bank ABC to further the development. of JPM digital currency in the region.

Posted in: Adoption, Stablecoins

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