Bahrain Central Bank CBDC being tested to ensure security and safety

Bahrain Minister of Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa announced during a Parliament meeting that Bahrain is testing the CBDC , Digital Dinar, while Bahrain Central Bank Governor emphasized that Bahrain CBDC being tested to ensure security and safety.

As Al Khalifa stated to MPs, " “We have to study the operational, legal and technical aspects amongst other aspects for possible future implementation. No private establishment is authorized to issue a digital currency, only the (CBB) can do so."

Central Bank of Bahrain Governor Rasheed Al Maraj, who also attended the weekly Parliament session yesterday added, " Cryptocurrencies are not considered currencies and are only financial assets invested in a different way. We have warned against dealing in cryptocurrency due to its dangers. In the case of digital currencies we are working to ensure the future launch would be secure and safe.”

Bahrain recently completed a cross border transfer using JP Morgan coin, which is considered part of Bahrain CBDC testing.