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BIS Marks CBDC Pilot ‘Success’ With $22 Million in Deal

garretschoenbergSeptember 28, 2022
BIS Marks CBDC Pilot ‘Success’ With $22 Million in Deal

Cross-jurisdictional Central Bank Digital Currency (CBDC) pilot “successful” by Bank for International Settlements (BIS) after month-long testing phase facilitating $22 million worth of substantial cross-border transactions was marked with

The central banks of Hong Kong, Thailand, China, and the United Arab Emirates (UAE) have joined the pilot program along with 20 commercial banks from those regions.

More than $12 million worth has been issued to the test platform, facilitating 164 foreign exchange transactions and cross-border payments between participating companies, totaling more than $22 million worth, according to a BIS LinkedIn post on Tuesday. was.

BIS graphics for CBDC pilots. sauce: LinkedIn

BIS advisor and solutions architect Daniel Eidan said the pilot will focus on wholesale CBDC cross-border payments and the role central banks play in the platform, adding: We are likely to consider the commercial aspects of

The platform, known as ‘mBridge’, short for Multiple CBDC (mCBDC) Bridge, is part of Project Inthanon-LionRock, a distributed ledger technology launched in September 2019 involving Thailand and Hong Kong ( DLT) CBDC is a cross-border payment project. Central Bank.

With the platform’s first pilot completed, the project has moved to the third and final stage before a minimal version of the product with only the platform’s core functionality is brought to market.

According to the September 2021 BIS report, a fully functional CBDC cross-payment platform will be ready only after revisions have been made taking into account feedback from the minimum version.

Related: Russia Aims to Use CBDC for International Reconciliation with China: Report

BIS added that a detailed progress report on mBridge will be released in October and will discuss technical design, legal, policy and regulatory considerations, along with mBridge’s future roadmap. .

About 90% of central banks are investigating CBDC adoption, according to a June report by the BIS. According to think tank Atlantic Council’s CBDC tracker, there are currently 11 CBDCs launched, 15 in pilot and 26 in development.