BIS Reports Landmark International CBDC a Success
(30 September 2022 – Europe) A project involving multiple Asian central bank digital currencies (CBDC) has been labelled a success, facilitating over US$22 million in foreign-exchange transactions, the Bank for International Settlements (BIS) reported.
The trial, described as the first of its kind ever, used a custom-built distributed-ledger technology platform supported by central banks from China, Hong Kong, Thailand and the United Arab Emirates on September 23.
“The 20 participating commercial banks used the platform to settle different kinds of payments for corporate customers, focusing on cross-border trade. Over $12 million in value was issued onto the platform facilitating over 160 cross-border payments and FX transactions totalling more than $22 million in value. A detailed progress report will be released in October, covering technical design, legal, policy and other regulatory considerations, and the future roadmap of mBridge” the BIS stated.