Bahrain completes digital payments trial with JPM Coin
After successful testing, the Governor of the Central Bank said that he will use the innovative technologies to improve the country's financial system
12.01.2022 - 13:00
What’s new? Bahrain has successfully completed a trial run of the JPM Coin, with the support of the JPMorgan and Onyx blockchain. The move was prompted by a desire to explore the digital payment system and financial technologies in general. The information appeared on Bahrain's Central Bank website.
Who was involved in the testing? The trial was conducted by the Central Bank of Bahrain (CBB), but other organizations involved included Manama-based ABC Bank and the national aluminum company Aluminum Bahrain (Alba).
The official statement says that during the trial, ABC Bank tested the real-time digital payments with the Alba company using JPM Coin, stablecoins pegged to the dollar. The test was deemed successful:
“The promising results of the payment test, which was supervised by the Central Bank of Bahrain, indicate the Kingdom’s commitment to elevating financial technology and striving to provide the highest quality of services and the best customer experience.”
What do the experts say? CBB Governor Rasheed Al Maraj commented on the successful completion of the JPM Coin trial. He said that he will personally continue to use the innovative technologies to improve Bahrain's financial system.
In the same light, both Ali Al Baqali, CEO of Alba and Group Executive Vice President of Bank ABC, Sael Al Waqary, share similar sentiments. They have also expressed their full commitment to developing Bahrain's financial sector.
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