Today, four Asian central banks released a joint statement about a joint cross border central bank digital currency (CBDC) experiment. In 2019, the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand collaborated on Project Inthanon-Lion Rock. They both recently contracted with ConsenSys for a second iteration to trial a different technology.
The announcement today is that the People’s Bank of China (PBoC) and the Central Bank of the UAE (CBUAE) will be joining the cross-border payment experiments. Inthanon-Lion Rock is being renamed to the “Multiple Central Bank Digital Currency (m-CBDC) Bridge“.
It aims to explore using distributed ledger technology for 24/7 real-time foreign currency transactions between countries. The proof of concept trial is endorsed by the BIS Innovation Hub, which works with numerous central banks on CBDC trials and mentioned the m-CBDC last month.
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