Project mBridge to Continue Exploring Multi- Central Bank Digital Currency (CBDC) Platform

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via crowdfundinsider:

Project mBridge continues its development and has reached the minimum viable product (MVP) stage, while broadening its international reach.

The project aims to explore a multi-central bank digital currency (CBDC) platform “shared among participating central banks and commercial banks, built on distributed ledger technology (DLT) to enable instant cross-border payments and settlement.”

Project mBridge is the result of extensive collaboration “starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority.”

The Saudi Central Bank is joining mBridge as a full participant. There are also “now more than 26 observing members.”

The project aims to tackle some of “the key inefficiencies in cross-border payments, including high costs, low speed and operational complexities.

 

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Certainly! Let’s delve into Project mBridge, a fascinating initiative that aims to revolutionize cross-border payments using central bank digital currencies (CBDCs). Here are the key points:

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