Bahrain central bank trials JPM Coin

The Central Bank of Bahrain has teamed up with JP Morgan’s blockchain and crypto unit Onyx to test the Wall Street giant’s JPM Coin digital currency.

During the investigation, ABC Bank Bahrain initiated a real payment for Aluminum Bahrain (Alba) and its partners in the US using the JPM Coin system. The system serves as a bridge between payroll and deposits, allowing participants to convert US dollars stored on JP Morgan’s deposits.

Rasheed Al Maraj, President of the Central Bank of Bahrain, said: “In collaboration with ALBA, Bank ABC and Onyx, and JP Morgan, we look forward to addressing and addressing existing gaps and pain through integrated structures.”

In 2019, JP Morgan launched the JPM Coin digital platform to quickly stop trading between payment companies and banks ’customers. Last year, the bank began offering customers cash to run the business.

Ali Moosa, CEO of JP Morgan Bahrain said: “The research conducted by Alba and ABC Bank will help see the development of JPM Coin Systems for future use by our banking partners.”

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