Central Bank of Bahrain successfully completes its digital payment trial using JPM Coin
The trial run included testing the widely anticipated JPM Coin, a digital currency backed by American investment bank JPMorgan.
Photo by Todd Gardner on Unsplash
The central bank of Bahrain (CBB) has successfully completed a trial run of the JPM coin in association with JPMorgan’s blockchain and cryptocurrency unit Onyx.
The trial test included two other organizations, Manama-based ABC Bank and Bahrain national aluminum smelter Aluminum Bahrain or (Alba).
Central Bank of Bahrain explores blockchain technology
As per the official announcement, 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 a stablecoin tied to the US dollar.
According to the official announcement, the test has been accredited as one of the kind 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 financial technology to help deliver the best customer experience to the masses.
“The promising results of the payment test, which was supervised by the Central Bank of Bahrain, indicate the Kingdom’s commitment to elevating financial technology and striving to provide the highest quality of services and the best customer experience to continue leading the journey of financial technology transformation in the region” the announcement further stated.
CBB had earlier disclosed its plans to explore digital currency payments using JPM Coin and had stated that the trial may assist the bank in extending its Central Bank Digital Currency development.
Speaking about the successful completion of the JPM Coin trial, Governor of CBB, Rasheed Al Maraj said that he will continue to employ “pioneering technologies” to enhance the financial framework of the country.
CEO of Alba, Ali Al Baqali, group executive vice president of Bank ABC, Sael Al Waqary expressed similar sentiments, affirming their commitment towards Bahrain’s financial service development.
CEO of JPMorgan Bahrain, Ali Mousa, also commented on the trial confirming his commitment towards “spearheading the construction of the next generation of clearing and settlement infrastructure,” and stated that they are delighted to work with Alba and Bank ABC to further the development of JPM digital currency in the region.