Bahrain Central Bank Completes JPMorgan Coin Tests

Центробанк Бахрейна завершил тесты JPMorgan Coin

  • Bahrain Central Bank, ABC Bank and aluminum supplier Alba have completed testing of JPMorgan system
  • It allows you to simplify and automate cross-border payments through the blockchain
  • The test was successful, its participants are working on the implementation and commercialization of the system

B In May 2021, Bahrain’s central bank announced plans to test the JPMorgan blockchain to simplify and automate cross-border payments. Last week, the regulator reported on the completion of the test.

One of the largest aluminum suppliers in the world Aluminum Bahrain (Alba), ABC Bank and JPMorgan’s Onyx division also took part in the project. The regulator oversaw the transactions.

During the trial, ABC transferred payments in real time to Alba’s counterparties in the United States via JPMorgan Coin. It is a stablecoin backed by the US dollar.

JPMorgan is essentially a depository. Platform members can automatically conduct cross-border transactions with the conversion of the national currency into the US dollar. The use of blockchain makes it possible not only to simplify calculations, but also to exclude unnecessary intermediaries.

Tests passed successfully. Now ABC and Alba are working on the implementation and commercialization of the system.

Earlier, the Central Bank of Bahrain announced that this project could serve as the basis for the development of a digital currency, but so far the regulator has not commented on this possibility.

“Thanks to our collaboration with ABC, Alba and At JPMorgan Onyx, we were able to eliminate pain points in traditional cross-border payments, “- said the head of the regulator Rashid Al Maraj.

See also: JPMorgan Onyx has developed a blockchain-based payment system for Siemens. The company noted that it is necessary in order to popularize digital business models.

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