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

The Central Bank of Bahrain (CBB), working in partnership with Bank ABC, recently announced it had successfully tested the transfer of funds across borders using JPMorgan’s JPM Coin. The test fulfills the central bank’s goal of creating safe and efficient settlement solutions for customers.

CBDCs can eliminate inefficiencies from the Cross-Border Payment Arena

Bahrain’s central bank recently said it had piloted its first cross border funds transfer using the JPMorgan blockchain. As it works to launch digital currency, the CBB has made the most recent step in its preparations by partnering with Bank ABC.

In his comments following the latest test, CBB governor, Rasheed Mohammed Al Maraj, is quoted by Unlock Media lauding the central bank’s ongoing tests. He stated:

The Central Bank of Bahrain is delighted to share the results of the test. This aligns with our strategy and vision to continuously develop and enrich our capabilities to all stakeholders in our Kingdom’s financial services sector using leading-edge emerging technologies.

Al Maraj added that through the institution’s partners, the CBB will attempt to “address and eliminate the inefficiencies and pain points which exist today in the traditional cross-border payments arena.”

Just like some of its counterparts in the region, the CBB is preparing to roll out its central bank digital currency (CBDC) which it says will lead to “safe and efficient settlement solutions.” However, in its statement, the central bank does not state if it plans to conduct more tests or when it expects to finally launch the CBDC.

Only Nigerian and Chinese central bank have yet to launch their CBDCs, while other countries are still in various stages of developing their digital currency.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.