BRI Releases Report on Multi-CBDC Platform Pilot Project Progress – Fin Tech

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The Bank for International Settlements (BIS) recently released a joint report with the BIS Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority, the Bank of Thailand, the People’s Bank of China Digital Currency Institute and the Central Bank the United States. The UAE will provide the results of the mBridge project, a pilot project that “experiments cross-border payments using a common platform based on distributed ledger technology (DLT) on which multiple central banks can issue and exchange their respective central bank digital currencies (multi-CBDC).” According to a press release, “Over six weeks in 2022, the mBridge platform was put to the test through a pilot project involving real-value transactions between 20 commercial banks from four different jurisdictions. ..facilitating over 160 payments and FX PvP transactions with a total value of over US$22 million.” According to the BIS report, “The mBridge pilot and accompanying analysis confirmed that a common multi-CBDC platform can improve the speed and efficiency of cross-border payments, reduce settlement risk and support the use of local currencies in international payments”. The mBridge pilot will continue in 2023 and 2024 “with the goal of moving from the current pilot phase to an MVP and eventually a production-ready system.”

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Amanda J. Marsh