BIS marks CBDC pilot as 'successful' with $22 million transacted
Over $12 million has been issued under the pilot involving commercial and central banks in Hong Kong, Thailand , United Arab Emirates and China.< /p>
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A multi-jurisdictional Central Bank Digital Currency (CBDC) pilot project has been deemed "successful" by the Bank for International Settlements (BIS) after a month-long testing phase that facilitated $22 million of cross-border transactions in real value.
The central banks of Hong Kong, Thailand, China and the United Arab Emirates participated in the pilot program along with 20 commercial banks from these regions.
Over $12 million in value was issued on the test platform, which facilitated 164 foreign exchange transactions and cross-border payments between participating businesses with a total value of over $22 million dollars, according to a LinkedIn post by the BIS on Tuesday.
Chart of the BRI on the CBDC pilot. Source: LinkedInDaniel Eidan, Advisor and Solutions Architect at BRI, said the pilot focused on wholesale CBDC cross-border payments and the role central banks have on the platform, adding "we will likely consider more trade aspects in the next stages of our work".
The platform, known as mBridge, short for Multiple CBDC (mCBDC) Bridge is part of the Inthanon-LionRock project, a distributor...
Over $12 million has been issued under the pilot involving commercial and central banks in Hong Kong, Thailand , United Arab Emirates and China.< /p>
New
A multi-jurisdictional Central Bank Digital Currency (CBDC) pilot project has been deemed "successful" by the Bank for International Settlements (BIS) after a month-long testing phase that facilitated $22 million of cross-border transactions in real value.
The central banks of Hong Kong, Thailand, China and the United Arab Emirates participated in the pilot program along with 20 commercial banks from these regions.
Over $12 million in value was issued on the test platform, which facilitated 164 foreign exchange transactions and cross-border payments between participating businesses with a total value of over $22 million dollars, according to a LinkedIn post by the BIS on Tuesday.
Chart of the BRI on the CBDC pilot. Source: LinkedInDaniel Eidan, Advisor and Solutions Architect at BRI, said the pilot focused on wholesale CBDC cross-border payments and the role central banks have on the platform, adding "we will likely consider more trade aspects in the next stages of our work".
The platform, known as mBridge, short for Multiple CBDC (mCBDC) Bridge is part of the Inthanon-LionRock project, a distributor...
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