Cryoto Currency

After a successful pilot, BIS releases a full report on mBridge’s wholesale CBDC platform. By Cointelegraph


After a successful pilot, BIS publishes a complete report on mBridge wholesale CBDC platforms

The Bank for International Settlements (BIS), has Released The full details of its mBridge pilot program to use central bank digital currency (CBDCs), to exchange foreign currencies, can be found here. Four jurisdictions had commercial banks make cross-border transfers using CBDCs, distributed ledger (blockchain), and other technology. It was hailed as a success.

Twenty commercial banks in Hong Kong, China, the United Arab Emirates and Thailand used the custom-made mBridge Ledger platform and CBDCs issued by their respective central banks to conduct payment and foreign exchange payment-versus-payment transactions on behalf of their corporate clients between August 15 and September 23. The platform enabled more than 160 transactions in excess of $22 million and was worth $12 million.