After venturing into the blockchain industry, the Central Bank of Bahrain confirmed its success with implementing JPMorgan’s Coin System under its blockchain-based platform Onyx.
Bahrain has been at the helm of developing blockchain technologies nationwide, and, now, successfully piloting the JPM Coin System which "enabled Bank ABC to initiate real-time payments for Aluminium Bahrain (ALBA) to benefit ALBA’s counterparties in the United States…"
It is the first country in the Middle East to empower such financial technologies that will give ALBA customers better service quality, customer support in the region and the United States.
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In an official announcement about the prosperous development and implementation of JPMorgan’s Coin System, Ali Al-Baqali, CEO of Aluminium Bahrain (ALBA), stated:
"We at ALBA are very happy to have participated in and contributed towards a successful test of this cutting-edge technology, which we’re certain will optimize our cash management activities. ALBA has been at the forefront of leveraging new innovative, secure and reliable financial solutions that bring speed, seamless efficiencies into our financial operations."
Bahrain’s recent expansion into the crypto world can also be linked with the Binance cryptocurrency exchange that was recently approved by the CBB (the Central Bank of Bahrain) to operate locally as an official digital asset resource provider.
