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


The Central Financial institution of Bahrain (CBB), working in partnership with Financial institution ABC, not too long ago introduced it had efficiently examined the switch of funds throughout borders utilizing JPMorgan’s JPM Coin. The check fulfills the central financial institution’s purpose of making protected and environment friendly settlement options for patrons.

Eliminating Inefficiencies within the Cross-Border Fee Enviornment With CBDCs

Bahrain’s central financial institution not too long ago stated it had piloted its first cross border funds switch utilizing the JPMorgan blockchain. The switch, which was carried out in partnership with Financial institution ABC, is the most recent step taken by the CBB because it prepares to launch its digital forex.

In his feedback following the most recent check, CBB governor, Rasheed Mohammed Al Maraj, is quoted by Unlock Media lauding the central financial institution’s ongoing checks. He stated:

We on the Central Financial institution of Bahrain are extraordinarily happy to announce the success of this check which aligns with our imaginative and prescient and technique to repeatedly develop and enrich the capabilities prolonged to the stakeholders inside our monetary providers sector within the Kingdom utilizing superior and main rising applied sciences.

Al Maraj added that by way of the establishment’s companions, the CBB will try to “tackle and remove the inefficiencies and ache factors which exist at the moment within the conventional cross-border funds area.”

Similar to a few of its counterparts within the area, the CBB is getting ready to roll out its central financial institution digital forex (CBDC) which it says will result in “protected and environment friendly settlement options.” Nevertheless, in its assertion, the central financial institution doesn’t state if it plans to conduct extra checks or when it expects to lastly launch the CBDC.

Globally, solely the Chinese language and Nigerian central banks have up to now launched their CBDCs whereas the remainder are nonetheless at completely different levels of growing their digital currencies.

What are your ideas on this story? Inform us what you suppose within the feedback part under.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively concerning the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.



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