Bahrain’s Central Bank has reported the completion of a test of JPMorgan Chase’s JPM Coin system.
The bank’s objective to “enhance client experience for safe and efficient settlement solutions” utilizing the JPM Coin System was successfully tested, according to the announcement, which was published on Thursday.
Dedicated to an upgrade
Banks used the JPM Coin to make real-time payments to Aluminium Bahrain (ALBA) in the United States.
The system was permissioned and served as a payment rail as well as a way to maintain track of deposit accounts.
Bahraini officials appear to be particularly interested in modernizing their financial infrastructure, stating that they are dedicated to a big upgrade in order to provide the best possible experience.
Executives from all parties applauded the test. Rasheed Al Maraj, the Governor of Bahrain’s Central Bank, stated:
“We hope to address and eradicate the inefficiencies and pain points that occur today in the traditional cross-border payments sector through our collaboration with ALBA, Bank ABC, and Onyx by J.P. Morgan.”
The first bank-backed cryptocurrency, JPM Coin, was originally unveiled in 2019.
JPM Coin will not be a threat to Ripple CEO Brad Garlinghouse, whose project is a competitor to the asset. There hasn’t been much in the way of updates on the situation.
CBDCs took over
Permissioned blockchains have already been used by central banks and established financial firms.
This use case for blockchain technology was originally highly popular, but central bank digital currencies (CBDCs) appear to have taken over in recent years.
In general, government officials and agencies wish that cryptocurrencies do not play a significant role in economies.
Organizations around the world, such as the International Monetary Fund (IMF) and the Bank for International Settlements (BIS), have expressed their concerns.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/blockchain/central-bank-of-bahrain-completes-jpmorgans-coin-system/
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