Bahrain Central Bank tested stablecoins payments with JPM Coin

The country’s Central Bank, together with Bank ABC, made the first cross-border transaction as part of testing the Onyx blockchain platform

15.02.2022 - 11:40

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What’s new? The Central Bank of Bahrain together with Bank ABC made the first cross-border transaction with the JPM Coin stablecoin. The transfer of funds was made as part of testing the Onyx blockchain platform, the Bitcoin.com portal reports. The blockchain and stablecoin were developed by the world’s largest bank, JPMorgan, in 2020 for instant transfers, with the value of one coin equal to $1.

Bitcoin.com’s material

What does this achievement mean for the country? Central Bank of Bahrain Governor, Rasheed Mohammed Al Maraj stated:

“We are pleased to announce the successful completion of this experiment, which was carried out as part of a strategy to continuously develop and improve the financial services sector through advanced and innovative technology.”

The government also plans to issue its own CBDC, but has not revealed the dates for the project and is only testing technologies so far. Sael Al Waary, CEO of Bank ABC, predicts a major impact of digital assets on Bahrain’s financial sector.

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