Bahrain’s Central Bank announces the success of its JPM Coin Payment Test.

Bahrain’s Central Bank has conducted a successful test of JPMorgan’s JPM Coin, a  digital currency designed to facilitate payments through the use of blockchain technology.

Bahrain’s central bank has stated that it is dedicated to improving customer experience for safe and efficient assistance programs. In order to accomplish its goal, the financial institution performed a trial of JPMorgan Chase’s JPM Coin. This is the first time the US bank’s blockchain product has been tested in that region of the world.

The experiment also included two additional entities: Manama-based Bank ABC and Aluminium Bahrain, the Middle East’s first aluminum smelter, better known as Alba. The experiment allowed the former to send real-time payments to the latter using the JPM Coin.

The experiment was overseen by Bahrain’s central bank, and the findings were deemed “promising.” Mr. Rasheed Al-Maraj, Governor of the CBB, emphasized the experiment’s success, noting that the country will continue to use cutting-edge technology to strengthen the local financial network.

He said:

“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,”

Ali Mousa – CEO of JPMorgan Bahrein – also commented on the matter:

“JPMorgan’s ONYX subsidiary is committed to spearheading the construction of the next generation of clearing and settlement infrastructure… 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.”

Despite the fact that its CEO, Jamie Dimon, is one of the most vocal detractors of the digital asset market, the aforementioned endeavor is not the company’s sole crypto-related activity.

The US bank permitted its wealth management clients to invest in six cryptocurrency ETFs last summer. Grayscale Investments offers four products: Grayscale Bitcoin Trust (GBTC), Grayscale Bitcoin Cash Trust (BCHG), Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Classic Trust (ETCG), whereas Osprey Funds offers Osprey Bitcoin Trust (OBTC).

The last one is a new bitcoin fund developed by the digital asset business NYDIG that is solely available to private bank customers.

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Patrick

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