BASEL, Switzerland—A four-country test of a cross-border payments system using central bank digital currencies (CBDC) was successful, according to the Bank for International Settlements.
The group determined that creating international payments bridges “is a realistic and achievable goal.”
Carried out under the auspices of the BIS’ Innovation Hub Hong Kong Centre, the live trial of the “mBridge” multi-CBDC platform by the Hong Kong Monetary Authority (HKMA), the Bank of Thailand, the Digital Currency Institute of the People's Bank of China (PBoC) and the Central Bank of the United Arab Emirates (UAE) saw 164 transactions completed by 20 participating banks over the course of six weeks.
During that time, a combined $12.1 million was transferred by the four countries, Pymnts.com said.
‘Efficient, Low Cost’
The multi-CBDC platform project aims to create “an efficient, low-cost, regulatory-compliant and scalable cross-border payment solution” with central bank digital currencies (CBDCs) at its core, the BIS said in a statement, according to the report.
The mBridge “project makes important strides towards developing a platform that has the potential to foster more inclusive and efficient payments systems,” said Cecilia Skingsley, head of the BIS Innovation Hub. “That will benefit those making and receiving payments in different currencies and jurisdictions as well as the overall functioning of the global financial system.”
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