{"id":264422,"date":"2022-09-28T13:30:53","date_gmt":"2022-09-28T12:30:53","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=264422"},"modified":"2022-09-28T14:05:06","modified_gmt":"2022-09-28T13:05:06","slug":"bis-concludes-cbdc-pilot-with-cross-border-payments-totalling-22m-transacted","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bis-concludes-cbdc-pilot-with-cross-border-payments-totalling-22m-transacted\/","title":{"rendered":"BIS concludes CBDC pilot with cross-border payments totalling $22M transacted"},"content":{"rendered":"

A pilot project involving four Asian central bank digital currencies (CBDC) involving real-value transactions was completed on Sept. 23, according<\/a> to a LinkedIn post by Bank for International Settlements (BIS) advisor Daniel Eidan.<\/p>\n

The pilot project, titled mBridge project (also known as Multiple CBDC or mCBDC), facilitated $22 million worth of real-value cross-border transactions between the Hong Kong Monetary Authority (HKMA) and the central banks of Thailand, China, the United Arab Emirates, the BIS, along with 20 commercial banks from those regions.<\/p>\n

The mBridge project marks the third and final phase of BIS' CBDC trial<\/h1>\n

The mBridge is part of the Inthanon-LionRock Phase 2. project, which also experiments with appropriate governance models with jurisdiction-specific regulations. In addition, it sought to design a novel cross-border payment system that resolves the current pain points of banks, including high cost, low speed, and operational complexities.<\/p>\n

The mBridge project was initially launched in Sept. 2019 between HKMA, the Bank of Thailand (BoT), and BIS. The first phase was completed in January 2020, which achieved peer-to-peer fund transfers and foreign exchange transactions.<\/p>\n

The second phase of the project was completed in Sept.2021. It explored distributed ledger (DLT)technology to facilitate real-time cross-border payments between the two jurisdictions.<\/p>\n

The completion of Phase 2 recorded the support of more currencies and interfaces with multi-jurisdictional payment systems. These were accomplished on top of the cross-border corridor network prototype built in the previous phase.<\/p>\n

Phase 2 also enabled multiple central banks to explore a DLT cross-border payment system through which they can issue their own CBDC and distribute it. Participants could conduct peer-to-peer payments and claim the CBDC for reserves at the issuing central bank.<\/p>\n

Meanwhile, it enabled international transfers and foreign exchange operations in a matter of seconds compared to the average time of several days on the existing network of commercial banks, which is in operation 24\/7. The DLT process can reduce the cost of cross-border payments by half, according to a BIS report published<\/a> in Sept. 2021.<\/p>\n

The BIS added it would publish a detailed report on the project in October 2022. According to Eidan, the information will document the results of Phase 3, its design choices, technology trade-offs, and a future roadmap from phase 1's prototype to an open-source, production-ready system.<\/p>\n","protected":false},"excerpt":{"rendered":"

A pilot project involving four Asian central bank digital currencies (CBDC) involving real-value transactions was completed on Sept. 23, according to a LinkedIn post by Bank for International Settlements (BIS) advisor Daniel Eidan. The pilot project, titled mBridge project (also known as Multiple CBDC or mCBDC), facilitated $22 million worth of real-value cross-border transactions between […]<\/p>\n","protected":false},"author":1390,"featured_media":264754,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,76747,76669],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nBIS concludes CBDC pilot with cross-border payments totalling $22M transacted<\/title>\n<meta name=\"description\" content=\"The Bank for International Settlements (BIS) advisor announced the successful completion of a CBDC project involving multiple Asian central banks and a detailed report to follow this October.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bis-concludes-cbdc-pilot-with-cross-border-payments-totalling-22m-transacted\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BIS concludes CBDC pilot with cross-border payments totalling $22M transacted\" \/>\n<meta property=\"og:description\" content=\"The Bank for International Settlements (BIS) advisor announced the successful completion of a CBDC project involving multiple Asian central banks and a detailed report to follow this October.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bis-concludes-cbdc-pilot-with-cross-border-payments-totalling-22m-transacted\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-28T12:30:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-28T13:05:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/bis-cbdc.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cynthia Chung\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cynthia Chung\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bis-concludes-cbdc-pilot-with-cross-border-payments-totalling-22m-transacted\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bis-concludes-cbdc-pilot-with-cross-border-payments-totalling-22m-transacted\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cynthia-chung\/#person\",\"name\":\"Cynthia Chung\",\"url\":\"https:\/\/cryptoslate.com\/author\/cynthia-chung\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cynthia-chung\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cynthia-chung\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/cynthia-chung-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/cynthia-chung-author-300x300.jpg\",\"caption\":\"Cynthia Chung\"},\"jobTitle\":\"Journalist\",\"description\":\"Cynthia is an avid writer who is fascinated by the potential of blockchain tech. 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