by Patrick Wood, Activist Post:
According to the BIS, the mBridge ledger is a “new native blockchain”, “custom-designed and developed by central banks for central banks, to serve as a specialized and flexible platform implementation for multi-currency cross-border payments.” This expansive blockchain technology will tie the world’s central bank system into a monolithic structure of financial control. — Technocracy News & Trends Editor Patrick Wood
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- Twenty banks in Hong Kong SAR, Thailand, mainland China and the United Arab Emirates used the mBridge platform to conduct 164 payment and foreign exchange transactions totaling over $22 million.
- The pilot advances multi-CBDC experimentation by settling real value directly on the platform
- The BIS will present the mBridge pilot at Hong Kong Fintech Week, along with updates on Project Aurum (retail CBDC) and Genesis 2.0 (green finance)
The Bank for International Settlements (BIS) and four central banks have completed a successful pilot of the use of central bank digital currencies (CBDCs) by commercial banks for real-value transactions across borders, as part of Project mBridge.
The BIS Innovation Hub Hong Kong Centre joined forces with the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China and the Central Bank of the United Arab Emirates. As detailed in a new report, 20 banks in the four jurisdictions used the mBridge platform to conduct 164 payment and foreign exchange transactions totaling over $22 million over six weeks, settled directly on the platform.
Project mBridge envisions an efficient, low-cost, regulatory-compliant and scalable cross-border payment solution with CBDC at its core. The experiment was designed to operate across different jurisdictions and currencies, to explore the capabilities of distributed ledger technology and the application of CBDC in cross-border payments between commercial banks.
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The project is part of the ongoing efforts to experiment with new technologies to deliver faster, cheaper and safer cross-border payments and settlements, a priority identified by the G20. Many jurisdictions, in particular emerging and developing economies, are losing access to the international network of correspondent banking services, leaving many households and firms without sufficient or affordable access to the global financial system for payments.
By enabling peer-to-peer and instant exchange of multiple CBDCs on a single network, Project mBridge aims to solve long-standing inefficiencies in cross-border payments and foster greater financial inclusion and innovation in international payments.
