• Home
  • Login
  • Register
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
SUBSCRIBE
No Result
View All Result
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
Currency Insider
No Result
View All Result

Bahrain Central Bank Completes Cross-Border Transfer Test Using JPMorgan Blockchain

by CBDC Insider
February 14, 2022
in Asia, Business
Reading Time: 1min read
0
Bahrain Central Bank Completes Cross-Border Transfer Test Using JPMorgan Blockchain
Share on FacebookShare on Twitter

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 step taken by the CBB as it prepares to launch its digital currency.

In his comments following the latest test, CBB governor, Rasheed Mohammed Al Maraj, is quoted by Unlock Media lauding the central bank’s ongoing tests. He said:

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.

Al Maraj added that through the institution’s partners, the CBB will attempt to “address and eliminate the inefficiencies and pain points which exist today in the traditional cross-border payments arena.”

RELATED STORIES

Digital Yuan Sales During Lunar New Year Up From Last Year, Online Retailers Say

Digital Yuan Sales During Lunar New Year Up From Last Year, Online Retailers Say

February 2, 2023
Kotak Mahindra Bank Implements RBI’s First Phase of Digital Rupee

Kotak Mahindra Bank Implements RBI’s First Phase of Digital Rupee

February 2, 2023

Just like some of its counterparts in the region, the CBB is preparing to roll out its central bank digital currency (CBDC) which it says will lead to “safe and efficient settlement solutions.” However, in its statement, the central bank does not state if it plans to conduct more tests or when it expects to finally launch the CBDC.

Globally, only the Chinese and Nigerian central banks have so far launched their CBDCs while the rest are still at different stages of developing their digital currencies.

Read more

Previous Post

IMF Says CBDC is a Better Option Than Bitcoin and Altcoins

Next Post

Hong Kong to License Local Exchanges, But Limits Them to Professional Investors

Next Post
Hong Kong to License Local Exchanges, But Limits Them to Professional Investors

Hong Kong to License Local Exchanges, But Limits Them to Professional Investors

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register