Crypto: Central Bank of Bahrain tests JPM token

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Investing.com – Cryptos are in vogue in the Middle East where the authorities are encouraging and increasing initiatives to develop the sector. This attitude contrasts with those of other countries, particularly in China and the United States.

Thus, the Central Bank of Bahrain (CBB) announced the successful test of the JPM Coin Onyx system from JPMorgan (NYSE :). The CBB stressed that the bank plans to offer an improved customer experience as well as efficient settlement solutions.

The JPM Coin System test, which is the first of its kind in the region, enabled ABC Bank to initiate real-time payments for Aluminum Bahrain (ALBA) for the benefit of its counterparties in the United States. The CBB intends to take the lead in fintech transformation in the region.

A suitable environment for development

Bahrain is one of the fastest growing economies in the Middle East. Thus, the country offers significant growth opportunities for FinTech companies around the world.

“The Central Bank of Bahrain is extremely pleased to announce the success of this test, which is part of its vision and strategy to continuously develop and enrich the capabilities available to stakeholders in the financial services industry. Kingdom using advanced and emerging technologies.

Through our work with ALBA, Bank ABC and JP Morgan’s Onyx, we aspire to address and eliminate the inefficiencies and pain points that exist today in traditional cross-border payments, ”said Rasheed Al Maraj, Governor of the Central Bank of Bahrain.

An environment focused on innovation

Bahrain has welcomed innovative technologies like crypto and blockchain. Moreover, Binance had received approval from the CBB to operate as a provider of crypto-asset services in the country in December 2021.

With the recent testing of the JPM coin system, the CBB plans to provide quality services related to financial settlements. “The test performed with ALBA and Bank ABC will contribute to the development of the JPM coin system for future use by our correspondent banking partners,” said Ali Moosa, vice president and senior country manager of JP Morgan Bahrain.

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