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Landmark International CBDC Test Deemed Success, BIS Says
Over $22 million in foreign exchange was aided via the pilot involving China, Thailand and Hong Kong, the Bank for international Settlements said
Updated May 11, 2023, 5:09 p.m. Published Sep 27, 2022, 4:25 p.m.
A project involving multiple Asian central bank digital currencies (CBDC) has been badged a success, facilitating over $22 million in foreign-exchange transactions, the Bank for International Settlements (BIS) said Tuesday.
The trial, described as the first of its kind ever, used a custom-built distributed-ledger technology platform, is supported by central banks from China, Hong Kong, Thailand and the United Arab Emirates, and was completed Sept. 23, the BIS said in a LinkedIn post.
STORY CONTINUES BELOW
Multiple jurisdictions around the world are looking at creating a central bank digital currency, but they also want to ensure that any dematerialized form of state-backed fiat allows for fast and safe payments across borders, which are today often costly.
A statement issued in November said that Goldman Sachs, HSBC, Societe Generale and China’s six biggest state-owned lenders are among the 20 commercial banks involved in the project, known as mBridge.
A detailed report will be released in October, said the BIS, a grouping of the world’s central banks based in Basel, Switzerland.
Read more: mBridge Reveals 15 Use Cases and 22 Heavyweight Participants
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