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Bahrain’s central bank announced a successful transfer of funds across borders using the JPMorgan blockchain, in preparation of its central bank digital currency (CBDC). The transfer, using JPM Coin, was done in collaboration with Bank ABC.
The Central Bank of Bahrain (CBB), governor, Rasheed Mohammed Al Maraj 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.”
Through the institution’s partners, the bank’s governor said, the CBB will work to “address and eliminate the inefficiencies and pain points which exist today in the traditional cross-border payments arena.”
The CBB is working hard to roll out its central bank digital currency (CBDC) which it believes is needed for “safe and efficient settlement solutions.”
In its statement, the Central bank did not share any details of final implementation and if further tests are required.