Today at Hong Kong Fintech Week, the central bank participants in the MBridge cross border payment initiative discussed the central bank digital currency (CBDC) project. Examples mentioned in the first use case for trade payments and other potential applications appear to encourage the digital yuan‘s internationalization.
The recent MBridge pilot involved commercial and central banks from Hong Kong, China, Thailand and the UAE making international corporate payments. The project is hosted by the BIS Innovation Hub in Hong Kong.
As a quick overview, MBridge is a multi-CBDC project involving a single blockchain infrastructure, with each central bank hosting its own node and controlling its digital currency. It’s a wholesale multi-CBDC payment infrastructure where only the central and commercial banks participate, and it is primarily intended for cross border payments.
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