The Central Bank of Bahrain successfully completes the cross-border transfer test using the “JP Morgan” blockchain
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Answer The Central Bank of Bahrain successfully completes the cross-border transfer test using the “JP Morgan” blockchain
The Central Bank of Bahrain (CBB), working in partnership with Bank ABC, has announced that it has successfully tested cross-border fund transfers using JPMorgan’s JPMorgan token.
The test fulfills the central bank’s goal of creating secure and efficient settlement solutions for customers, and eliminates inefficiencies in the cross-border payment arena with central bank digital currencies.
The Central Bank of Bahrain recently told that it had tried the first cross-border fund transfer using the JPMorgan blockchain.
The transfer, which took place in partnership with Bank ABC, is the latest step taken by the Central Bank of Bahrain as it prepares to launch its digital currency.
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“Unlock Media” quoted “Rasheed Muhammad Al-Maraj,” Governor of the Central Bank of Bahrain, his statements after the last test, and his praise of the continuous tests of the Central Bank, as his statement came as follows:
The Central Bank of Bahrain is pleased to announce the success of this test which is in line with our vision and strategy to continue developing and enriching the extended capabilities of stakeholders in our financial services sector in the Kingdom using advanced and pioneering emerging technologies.
Al-Maraj added that through the institution’s partners, the Central Bank of Bahrain will attempt to address and remove the shortcomings and suffering that exist today in the arena of traditional cross-border payments.
Just like some of its peers in the region, the Central Bank of Bahrain is preparing to launch its Central Bank Digital Currency (CBDC) which it says will lead to secure and efficient settlement solutions.
Globally, only Chinese and Nigerian central banks have so far launched their cryptocurrency coins while the rest are still in various stages of developing their cryptocurrency.
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