Bahrain has launched a blockchain technology initially developed by JPMorgan, with the Middle Eastern country focused on duplicating the digital currency created by JPMorgan.
In collaboration with JPMorgan’s and Onyx, The Central Bank of Bahrain (CBB) has efficiently deployed a test based digital payment system.
According to reports, the test run involved International bank ABC and Bahrain national aluminum smelter Aluminium Bahrain. The technology enabled Bank ABC to offset real-time payments to Alba’s counterparts in the United States using JPM Coin, a blockchain-based payments system and stablecoin quoted in the United States dollar.
Rasheed Al Maraj, CBB governor, 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.
Al Maraj stated “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,” .
The CBB had earlier revealed plans to test JPM Coin in May 2021, explaining that the trial could potentially extend to the progress of its central bank digital currency.