The central bank of Bahrain completed the test of the JPMorgan JPM coin. They are excited about the adoption of the tokenized payment system.
In the present time, almost every Central Bank is working to bring better solutions to overcome the limitations that are associated with the existing traditional financial systems. The central bank of Bahrain and giant payment bank JPMorgan are working on token-based real-time payment methods.
On 5 January, The Central Bank of Bahrain announced that they completed the test of JPM coin transactions and they found everything is fine to facilitate a real-time payment system between the counterparties easily.
Through the announcement, Central Bank stated that they have a goal to bring advancement and better user experience for the clients to facilitate highly efficient real-time transactions & settlement of the payment system by using the JPM coin.
The experiment testing with the JPM coin from Aluminium Bahrain will give huge benefits to the counterparties of it, in the US.
Bahrain officials are eager with this initiative to bring modernization through the up-gradation of the JPM coin. And they are also expecting that they will get a better high-quality experience And also all the stakeholders appreciated this move by Bahrain.
Rasheed Al Maraj, Governor at the Central Bank of Bahrain, commenting on this initiative, said that “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.”
This initiative of the Central Bank was first announced in 2019 and they said that they will launch a bank-backed cryptocurrency.
Ripple head Brad Garlinghouse also shared his opinion and said JPM is not a threat for Ripple because there is nothing new that news are spreading about it.
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