Bahrain Central Bank Completes Cross-Border Transfer Test Using JPMorgan Blockchain

Bahrain Central Bank Completes Cross-Border Transfer Test Using JPMorgan Blockchain

The Central Bank of Bahrain (CBB), working in partnership with Bank ABC, recently announced it had successfully tested the transfer of funds across borders using JPMorgan’s JPM Coin. The test fulfills the central bank’s goal of creating safe and efficient settlement solutions for customers. Eliminating Inefficiencies in the Cross-Border Payment Arena With CBDCs

Bahrain’s central bank recently said it had piloted its first cross border funds transfer using the JPMorgan blockchain. The transfer, which was carried out in partnership with Bank ABC, is the latest step taken by the CBB as it prepares to launch its digital currency.

In his comments following the latest test, CBB governor, Rasheed Mohammed Al Maraj, is quoted by Unlock Media lauding the central bank’s ongoing tests. He said: We at the Central Bank of Bahrain are extremely pleased to announce the success of this test which aligns with our vision and strategy to continually develop and enrich the capabilities extended to the stakeholders within our financial services sector in the Kingdom using advanced and leading emerging technologies.

Al Maraj added that through the institution’s partners, the CBB will attempt to “address and eliminate the inefficiencies and pain points which exist today in the traditional cross-border payments arena.”

Just like some of its counterparts in the region, the CBB is preparing to roll out its central bank digital currency (CBDC) which it says will lead to “safe and efficient settlement solutions.” However, in its statement, the central bank does not state if it plans to conduct more tests or when it expects to finally launch the CBDC.

Globally, only the Chinese and Nigerian central banks have so far launched their CBDCs while the rest are still at different stages of developing their digital currencies. Tags in this story Bahrain Arab Banking Corporation, Bahrain’s central bank, CBDC, central bank of bahrain, Cross Border Payment, Digital Currencies, Financial Services, jpm coin, JPMorgan blockchain, Rasheed Mohammed Al Maraj

What are your thoughts on this story? Tell us what you think in the comments section below. Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Content Subscription Service Onlyfans Adds Ethereum-Based NFT Profile Feature BLOCKCHAIN | 2 days ago Farmville Creator Zynga to Launch NFT Games, Says Gaming Firm"s Blockchain Lead BLOCKCHAIN | 3 days ago

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