x
Black Bar Banner 1
x

NEW: About Me Look — turn on a full-width dark About Me from your profile Configuration (Profile Page Upgrade). The Academy, profile feeds and Media Feed now read like the News Feed. See Subscriptions »

New: AI Blog Autopilot — free for the next 30 days. Switch it on by November 15th »

NEW: Smart Mail is live — free for every member. Send broadcasts, build lists and run autoresponders. Open Smart Mail »

New training: The Campaign Map. Watch it now »

  • Sign Up
  • Log In
  • Calendar
A+ A−
Ads by Markethive - View All
The Blog Feed
The Blog Feed
» Blog Feed
Write a New Blog Post
Search Blog Status
Most Viewed
Most Recent
Most Shared
Alphabetical
Markethive Blog (default)
My Blog Posts
Friends' Blogs
Blog Categories
All
Advertising
Blockchain & Cryptocurrency
Business Development
Diet & Weight Loss
Environmental
Health and Wellness
History and Culture
Home and Garden
Marketing
Mentoring & Training
Money & Finance
Other
Political
Prayer & Religion
Programming & Technical
Real Estate
Search Engine Optimization
Social Media
Spirituality
Sports & Recreation
Transport
Travel & Events
Website Design
Blogging Tools & Assets
My Blog Info
Members Subscribed to You
Blogs You Are Subscribed To
Website Widget
Wordpress Plugin
Subscribe for Greater Services
Subscribe to one of many subscriptions, each one includes the previous ones.. Unlock powerful tools, advance features, to build a powerful reach.

Central bank of Bahrain trials JPMorgan's blockchain and token

Posted by Corneliu Boghian on January 10, 2022 - 2:31pm


Helen Partz

HELEN PARTZ

Central bank of Bahrain trials JPMorgan’s blockchain and token

Bahrain’s central bank initially announced its JPM Coin trial in May 2021.

Central bank of Bahrain trials JPMorgan's blockchain and tokenNEWS

Bahrain is the latest nation to explore blockchain technology by American investment bank JPMorgan, with the country’s central bank trialing JPMorgan’s proprietary digital currency.

The Central Bank of Bahrain (CBB) has successfully completed a digital payments test in collaboration with JPMorgan’s blockchain and cryptocurrency unit Onyx, according to an official announcement published on Thursday.

The trial involved two other major institutions, Manama-based international bank Bank ABC and Bahrain national aluminum smelter Aluminium Bahrain, also known as Alba. The test enabled Bank ABC to settle real-time payments to Alba’s counterparts in the United States using JPM Coin, a blockchain-based payments system and stablecoin pegged to the United States dollar.

According to the announcement, the CBB was responsible for supervising the trial.

CBB governor Rasheed Al Maraj 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.

“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 said.

The CBB previously disclosed plans to test out JPM Coin in May 2021, stating that the trial could potentially extend to its central bank digital currency development.

Related: WhatsApp starts testing currency payments with Meta’s Novi wallet

Originally announced in 2019, JPM Coin was commercially launched in October 2020.

The investment bank has been actively promoting its blockchain tech for global use, partnering with Singapore’s largest bank, DBS, to pilot a blockchain payments system. JPMorgan previously provided its Liink blockchain technology to the State Bank of India to reduce transaction costs and improve cross-border payments.

© Markethive Inc.