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Bahrain is the latest country in the U.S. investment bank JPMorgan Chase to explore blockchain technology, and the central bank of the country is trialling JPMorgan’s proprietary digital currency.
According to the official announcement, the Central Bank of Bahrain (CBB) and Onyx, the blockchain and cryptocurrency division of JPMorgan Chase, successfully completed the digital payment test Publish On January 6.
The trial involved two other major institutions, the International Bank Bank ABC, headquartered in Manama, and Aluminium Bahrain, the national aluminum smelter in Bahrain, also known as Alba. The test enabled ABC Bank to use JPM Coin (a blockchain-based payment system and a stable currency pegged to the U.S. dollar) to make real-time payment settlements to Alba’s counterparts in the United States.
According to the announcement, CBB is responsible for overseeing the trial.
CBB President Rasheed Al Maraj said that the trial is crucial for the Bahraini government to solve and possibly eliminate the existing inefficiencies in the traditional cross-border payment industry.
“We are pleased to announce the success of this test, which is in line with our vision and strategy of using emerging and pioneering technologies to develop and enrich the capabilities provided to stakeholders in the Kingdom’s financial services sector,” Al Maraj said.
CBB previously disclosed its plan to test JPM Coin in May 2021, saying that the test may Expansion to its central bank digital currency developing.
related: WhatsApp started using Meta’s Novi Wallet to test currency payments
Originally announced in 2019, JPM currency is Commercial launch in October 2020.
Investment banks have been active Promote its blockchain technology for global use, In cooperation with Singapore’s largest bank DBS Bank, to pilot a blockchain payment system.JPMorgan Chase before Provide its link blockchain technology Go to the National Bank of India to reduce transaction costs and improve cross-border payments.
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