Central Bank of Bahrain completes digital payments test with JP Morgan

Tuesday 11 January 2022 09:59 CET | News

The Central Bank of Bahrain (CBB) has completed a digital payments test in collaboration with JP Morgan’s blockchain and cryptocurrency unit Onyx.

The trial involved two other major institutions, Bank ABC and Aluminium Bahrain, also known as Alba. The test enabled Bank ABC to settle real-time payments to Alba’s counterparts in the US using JPM Coin, a blockchain-based payments system and stablecoin pegged to the USD.

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.

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. JP Morgan previously provided its Liink blockchain technology to the State Bank of India to reduce transaction costs and improve cross-border payments.

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Keywords: central bank, JP Morgan, blockchain, Token, banks
Categories: DeFi & Crypto & Web3
Companies: Central Bank of Bahrain, JP Morgan
Countries: Bahrain
This article is part of category

DeFi & Crypto & Web3

Central Bank of Bahrain


JP Morgan

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