Bahrain’s central bank completes trial for JPMorgan’s JPM Coin

The central bank of Bahrain (CBB) has finalized the testing phase for JPM Coin. This places it among the countries that have made bold steps in adopting blockchain technology. The testing phase for the JPM Coin was conducted through Bank ABC. Bahrain’s central bank allowed Bank ABC to offer real-time payments for Aluminium Bahrain (ALBA).

Testing phase for JPM coin succeed

JPM Coin is a digital currency developed by JPMorgan Chase. The coin has been created for the purposes of enabling payments through blockchain.

The central bank of Bahrain noted that its commitment was in boosting customer experiences by offering security and efficiency in payment services. The institution has now completed the trial phase for JPM Coin. This is the first test for JPM Coin in the region.

The CBB was not the only entity involved in the trial. As aforementioned, Bank ABC, a financial institution based in Manama was involved wherein it facilitated real-time payments using the JPM Coin. The trial also involved Aluminium Bahrain, a pioneer in aluminum smelting in the Middle East.

The Governor of the CBB, Rasheed Al-Maraj, commented on this trial phase saying, “Working with Alba, Bank ABC, and Onyx from JPMorgan, we aspire to address and eliminate the inefficiencies that exist today in the area of traditional cross-border payment.”

Sael Al Waary, an executive at Bank ABC, noted that being involved in the trial phase was an “important milestone” for the bank. He also remarked on the growth of cryptocurrencies, saying that they would play an integral role on transforming digital economies in the future.

“The completed testing with Alba and Bank ABC will help inform further development of the JMP digital currency systems for future use by our banking partners,” said Ali Mousa, the CEO of JPMorgan Bahrain.

JPMorgan leading Wall Street giants in crypto adoption

JPMorgan is among the Wall Street financial giants looking towards the digital asset sector. Last year, the investment bank allowed clients in its wealth management division to take part in six cryptocurrency funds. Four of the funds were from Grayscale, one from Osprey Funds and the other from NYDIG, a digital asset company.

The bank noted that the launch of this service was to meet the growing demand for crypto. Despite JPMorgan adoption cryptocurrency offerings, the CEO of the financial institution, Jamie Dimon, is one of the harshest critics of cryptocurrencies. The executive has previously stated that Bitcoin was “worthless.”’

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