Bahrain Central Bank Completes Cross-Border Transfer Test Using JPMorgan Bloc...
The Central Bank of Bahrain (CBB), working in partnership with Bank ABC, recently announced it had successfully tested the transfer of funds across borders using JPMorgan’s JPM Coin. The test fulfills the central bank’s goal of creating safe and efficient settlement solutions for customers. Eliminating Inefficiencies in the Cross-Border Payment Arena With CBDCs Bahrain’s central bank recently said it had piloted its first cross border funds transfer using the JPMorgan blockchain. The transfer, which was carried out in partnership with Bank ABC, is the latest....
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The Central Bank of Bahrain expects that its digital currency collaboration with JPMorgan and Bank ABC could extend to a CBDC. The government of Bahrain, the third-richest Arab country, is working with American investment bank JPMorgan Chase on a digital currency settlement pilot.The Central Bank of Bahrain officially announced Tuesday that the bank is now collaborating with JPMorgan and the Arab Banking Corporation BSC, or Bank ABC, in a pilot scheme to introduce an instant cross-border payment solution based on digital currency technology.Aiming to cut settlement processing time, the new....
Bahrain’s central bank initially announced the JPM Coin trial in May 2021. Bahrain is the latest nation to explore blockchain technology by American investment bank JPMorgan, with the country’s central bank trialing JPMorgan’s proprietary digital currency.The Central Bank of Bahrain (CBB) has successfully completed a digital payment test in collaboration with JPMorgan’s blockchain and cryptocurrency unit Onyx, according to an official announcement published on Jan. 6.The trial involved two other major institutions, Manama-based international bank, Bank ABC, and Bahrain’s national aluminum....
The Kingdom of Bahrain, a nation of over 30 islands in the Persian Gulf, is in talks with Singapore’s central bank as the monarchy looks toward nation-wide blockchain adoption. According to a report in a regional publication, Bahrain is devising a plan to deploy a pilot blockchain project while seeking the expertise of the Monetary Authority of Singapore (MAS), the Asian country’s central bank. In November 2016, the MAS had notably announced the development of a blockchain proof-of-concept (PoC) that will facilitate inter-bank payments and settlements on a global stage. The pilot will see....
The Central Bank of Bahrain (CBB) has said new regulations compelling operators of crowdfunding platforms to ensure their products are suitable for clients are set to replace existing rules which were first issued in 2017. Segregation of Client Money From Platform Operators The Central Bank of Bahrain (CBB) has issued new guidelines which apply to operators of crowdfunding platforms for the first time since 2017, a statement from the central bank has said. The new regulations cover principles that govern the operations of a crowdfunding platform as well as the rules that apply to offers....
Bank of France, the Swiss National Bank (SNB), and the Bank for International Settlements have successfully tested the application of wholesale central bank digital currency in cross-border payments. The project used distributed ledger technology and was realized with help from private firms.
France and Switzerland Explore Direct Transfer of Euro, Swiss Franc Wholesale Digital Currencies
An experiment carried out by the monetary authorities of France, Switzerland and the Bank for International Settlements (BIS) has indicated that central bank digital currencies (CBDCs) can be....