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The Central Bank of Bahrain is to use JPMorgan's blockchain platform Onyx in a pilot scheme to introduce instantaneous cross border payment using a digital currency.
JPMorgan Chase joins Bahrain digital currency pilot paymentssource.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from paymentssource.com Daily Mail and Mail on Sunday newspapers.
The reserve bank of Bahrain is reportedly working with
Bank ABC in order to launch a real-time cross-border payments system (as part of a digital currency settlement pilot program).
Bank ABC and J.P. Morgan will be conducting tests including the transfer of money from and to the Middle Eastern Kingdom of Bahrain in USD or for payments made by buyers to suppliers.
The central bank of Bahrain will be serving as a key partner in the pilot program carried out between the local Bank ABC and J.P. Morgan. It’s expected that this partnership and program will be extending further and may include the development of a central bank digital currency (CBDC).