Central Bank of Bahrain Completed Digital Payments Trial with JP Morgan

The central bank of Bahrain, CBB, has completed a digital payment test with JP Morgan’s blockchain and cryptocurrency unit.

Bank ABC and aluminum Bahrain, also called alba, were also involved in this trial. This test led bank ABC to sort out real-time payments to Alba’s counterparts in the US using JP Morgan’s coin; this is a blockchain-based payment system.

“The trial has been crucial for the government of Bahrain to address and potentially eliminate existing inefficiencies in the traditional cross-border payments industry, “says CBB governor Rasheed AL Maraj.

Rasheed AL Maraj added that “he’s pleased to announce the success of this trial, which is in line with his 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“.

Earlier it was announced in 2019 that the JP Morgan coin would be launched in October 2021. The Central bank of Bahrain told that they are planning to test JP Morgan coins in May 2021.

JP Morgan earlier provided the state bank of India with its link blockchain technology to reduce transaction costs and improve cross-border payments. This particular investment bank has been promoting its blockchain technology for global use in collaboration with DBS, Singapore’s largest bank.

CENTRAL BANK OF BAHRAIN

The central bank of Bahrain (CBB) is a public corporate unit that was created on 6 September. This bank is situated in Manama, in Bahrain. Rasheed Al Maraj is currently the president of the central bank of Bahrain

CBB deals with various responsibilities like:

  • Implementation of monetary policy
  • Regulate the banking sector
  • Acts as the government fiscal agents

The BMA’s 33-year track record and extensive range of duties are passed on to the CBB. It controls the country’s payments and settlement systems, maintains the government’s reserves and debt issuance, and executes the Kingdom’s monetary and foreign exchange rate policies.

Also Read: Stronger Regulation Of Fintech Firms To Be Continued By Chinese Central Banks
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