Bahrain Central Bank Completes JPM Coin System Test

The Central Bank of Bahrain has completed a test of the JPM Coin with Onyx by J.P. Morgan, which allowed Bank ABC to launch real-time payment for Aluminium Bahrain (ALBA) in the U.S., according to a Wednesday (Jan. 5) press release.

Central Bank of Bahrain, ALBA, Bank ABC and ONYX by J.P. Morgan Complete Test with Blockchain Based JPM Coin System https://t.co/7brYr9YGnK pic.twitter.com/CcFibjW7Qy

— Central Bank of Bahrain (@CBB_News) January 5, 2022

The JPM Coin is a permissioned system that serves as a payment rail and deposit account ledger to allow participants to transfer U.S. dollars that are being held with J.P. Morgan on deposit.

“We at the Central Bank of Bahrain are extremely pleased to announce the success of this test, which aligns with our vision and strategy to continually develop and enrich the capabilities extended to the stakeholders within our financial services sector in the Kingdom using advanced and leading emerging technologies,” said Central Bank of Bahrain Governor Rasheed Al Maraj in the release. “Through our work with ALBA, Bank ABC and Onyx by J.P. Morgan, we aspire to address and eliminate the inefficiencies and pain points which exist today in the traditional cross-border payments arena.”