CoinShots Logo
BIS Proclaims Success In Multi-CBDC Cross-Border Payment Pilot Project
As part of the experiment, several central banks participated in the mBridge project, a multi-CBDC platform for international payments.
Himanshu S.
11:56 1st Oct, 2022
Altcoins

The Bank for International Settlements (BIS) on Tuesday announced that a multi-jurisdiction CBDC pilot spearheaded by BIS Innovation Hub has been successful. The project saw 164 transactions worth nearly $22 million in real-value cross-border payments through a purpose-built multi-CBDC platform – mBridge.

Apart from the central banks of Hong Kong, China, Thailand, and the United Arab Emirates (UAE), 20 commercial banks also participated in the project, which lasted a little over a month.

Over $12 million worth of official digital assets (CBDC) was issued by the four participating central banks to the test platform, BIS said in a Linkedin post.

“It took place from 15 August to 23 September on the mBridge Ledger, a custom-developed #DLT platform. The 20 participating commercial banks used the platform to settle different kinds of payments for corporate customers, focusing on cross-border trade. Over $12 million in value was issued onto the platform facilitating over 160 cross-border payments and FX transactions totaling more than $22 million in value,” the post said.

BIS has promised to release a detailed report covering technical design, legal, policy, and other regulatory aspects of its mBridge project during Hong Kong Fintech (31 October- 4 November 2022). The Switzerland-based bank of central banks will also reveal a roadmap for the new development.

Tayo Tunyathon K from Bank of Thailand, who was part of the project, termed it the world’s first pilot using real value CBDC for cross-border trade settlements. In her Linkedin post, she said, “Proud to have been a part of the working team in making this historic milestone! We are only just beginning to see the possibilities of CBDC in bridging borders and facilitating trade/economic growth.”

Source



CoinShots Logo

Social

Get in touch:

© 2022 Coinshots (AtlasZero LLC). All rights reserved.