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Central Bank of Bahrain Runs Testing For JPMorgan’s Blockchain & Token

By Katelyn James | January 11, 2022
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Bahrain is reportedly the most recent nation to hop on the blockchain train with the help of American investment bank JPMorgan, via running trials for JPMorgan’s proprietary digital currency.

Specifically, The Central Bank of Bahrain (CBB) has reportedly disclosed the successful status of a digital payments test, via an alliance formed with JPMorgan’s blockchain and cryptocurrency unit Onyx. 

The trial will reportedly witness the involvement of two additional top-tier institutions, Manama-based international bank Bank ABC and Bahrain national aluminum smelter Aluminium Bahrain, alternatively referred to as Alba. 

The trial will reportedly offer Bank ABC the ability to complete payment settlement in a real-time manner to Alba’s counterparts in the US, using JPM Coin, a blockchain-powered payments system and stablecoin pegged to the United States dollar.

Per the official announcement, the CBB was reportedly in charge of the supervision work for the trial.

CBB governor Rasheed Al Maraj further remarked that the trial has been crucial for the government of Bahrain to tackle, with the possibility of ruling out entirely, the current inefficiencies in the traditional cross-border payments sector.

“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 additionally remarked regarding the development. 

Initially, the CBB reportedly revealed details related to plans for testing out JPM Coin in May last year, claiming that the trial could potentially extend to its central bank digital currency development.

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