The Bank for International Settlements (BIS) has announced the completion of its central bank digital currency (CBDC) pilot with impressive figures. The pilot was a collaboration of the central banks of Hong Kong, Thailand, China, and the United Arab Emirates (UAE) to promote multi-currency cross-border payments.
Dubbed mBridge or mCBDC, the trial ran for a month and had participants explore the technology stack of the proposed CBDC and the legal issues that could arise from the complex undertaking.
Daniel Eldan, Advisor and Solution Architect at BIS Innovation Hub, noted in a LinkedIn post that over $12 million in value were issued on the platform while “over 160 cross-border payments and FX (foreign exchange) transactions totaling more than $22 million in value between 20 participating commercial banks.”
“Proud to have been a part of the working team …