Bahrain launches new cross-border payment pilot

central-bank-of-bahrain

The Central Bank of Bahrain announced a pilot project to set up an instant cross-border payments system.

The central bank said in a statement it hopes to scale up the pilot to eventually be able to conduct transfers in central bank digital currency (CBDC).

In January 2021, the central bank’s governor Rasheed Al-Maraj announced it was considering piloting a digital version of the Bahrani dinar. 

The Central Bank of Bahrain will work on the project in collaboration with JP Morgan and Bahrani

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