Bahrain Central Bank Completes Cross-Border Transfer Test Using JPMorgan Blockchain
- The Central Bank of Bahrain (CBB) is working in partnership with Bank ABC
- CBB announced that they successfully tested the transfer of funds across borders using JPMorgan’s JPM Coin
- The JPM Coin system is not a stablecoin but it tokenizes money held in JP Morgan bank accounts
The Central Bank of Bahrain (CBB), working in association with Bank ABC, as of late declared it had effectively tried the exchange of assets across borders utilizing JPMorgan’s JPM Coin. The test satisfies the national bank’s objective of making protected and proficient settlement answers for clients.
Bahrain’s national bank as of late said it had guided its first cross boundary support move utilizing the JPMorgan blockchain.
The exchange, which was completed in association with Bank ABC, is the most recent advance taken by the CBB as it gets ready to send off its computerized money.
Wiping out Inefficiencies in the Cross-Border Payment Arena With CBDCs
In his remarks following the most recent test, CBB lead representative, Rasheed Mohammed Al Maraj, is cited by Unlock Media commending the national bank’s continuous tests. He said:
They at the Central Bank of Bahrain are very satisfied to declare the accomplishment of this test which lines up with our vision and methodology to consistently create and advance the capacities reached out to the partners inside our monetary administrations area in the Kingdom utilizing progress and driving rising advances.
Al Maraj added that through the organization’s accomplices, the CBB will endeavor to address and take out the failures and problem areas which exist today in the conventional cross-line installments field.
Very much like a portion of its partners in the locale, the CBB is planning to carry out its national bank computerized cash (CBDC) which it says will prompt protected and effective repayment arrangements.
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Chinese and Nigerian central banks have so far launched their CBDCs
However, in its explanation, the national bank doesn’t state on the off chance that it intends to direct more tests or when it hopes to at long last send off the CBDC.
Around the world, just the Chinese and Nigerian national banks have up until this point sent off their CBDCs while the rest are currently at various phases of fostering their advanced monetary standards.
In the interim, JP Morgan’s Onyx blockchain division is broadening its exercises. While the JPM Coin framework was sent off in 2020, the clients were undisclosed.
In late December 2021, it was uncovered that Siemens is involving the stage for mechanized installments. Other Onyx drives incorporate Liink for tending to questions about ordinary cross line installments, especially for AML, and the JP Morgan Repo organization.
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