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.

“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.”

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, the release stated.

“Onyx by J.P. Morgan is committed to leading the buildout of next generation clearing and settlement infrastructures and we are delighted to work with a leading central bank like CBB and an innovation-focused institution in Bank ABC to lead this project in the region,” said J.P. Morgan Bahrain Vice Chairman and Senior Country Officer Ali Moosa in the release. “The completed test with ALBA and Bank ABC will help inform further development of JPM Coin systems for future use by our correspondent banking partners.”

In related news, Evedo is focused on providing blockchain solutions for businesses and participants working with event organizers.

Read more: Evedo Offers Blockchain Solutions for Event Planning

The company’s technology works through the EVED utility token, which can generate smart contracts between ticket buyers and sellers. The company will be working with stablecoins, with the EVED token used for targeted advertising, community management and using tools on the platform, among other larger features.