Project mBridge Enters MVP Phase and Welcomes New Member: Central Bank of Saudi Arabia
The mBridge cross-border central bank digital currency (CBDC) project has advanced to the minimum viable product (MVP) stage, the initial production phase. This initiative, a collaboration between the Bank for International Settlements (BIS) Innovation Hub and the central banks of China, Hong Kong, Thailand, and the UAE, recently welcomed the Central Bank of Saudi Arabia […]
From Pilot to Policy: The Accelerated Adoption of Digital Currencies in MENA
A significant focus has been placed on the development of Central Bank Digital Currencies (CBDCs) within the Middle East and North Africa (MENA) region, highlighting the UAE’s strides in digital currency integration. A recent EY report outlined the UAE Central Bank’s ongoing efforts to incorporate the digital Dirham, inviting commercial banks and payment processors to […]
HKMA: Project mBridge set for minimum viable product by the middle of 2024
The Hong Kong Monetary Authority (HKMA) has unveiled that the mBridge project is expected to introduce a minimum viable product by the middle of 2024. If mBridge’s implementation is successful, it may pose a challenge to Swift’s leading payment system and could influence similar shifts in payment methods across different regions. Developed in partnership by […]
Project mBridge Set for Major Expansion, says Hong Kong Monetary Authority (HKMA) CEO
Eddie Yue, CEO of the Hong Kong Monetary Authority (HKMA), has highlighted upcoming plans to expand the mBridge project, a central bank digital currency (CBDC) initiative, during a recent address in Shanghai. Yue emphasised that mBridge has demonstrated its capacity for more efficient, cost-effective, and transparent cross-border transactions. The project came to life in 2021, […]
Japanese Startup Soramitsu Harnesses CBDCs and Stablecoins for Cross-Border Payments
Japanese Blockchain startup, Soramitsu, is embarking on a venture that involves harnessing stablecoins and central bank digital currencies (CBDCs) to forge connections among various Asian nations. Soramitsu’s initiative revolves around a cross-border payment system tailored for Asian countries. The company plans to integrate Cambodia’s CBDC and fiat-pegged stablecoins into its payment network, with a specific […]
CBDCs on the horizon: The current state of CBDC initiatives around the world
Source: Cointelegraph Central bank digital currencies (CBDCs) have long been a topic of contested discussion, having often been met with a predominantly negative response in the crypto community. However, despite the skepticism, CBDCs undeniably serve as a significant use case for blockchain technology. BDCs distributed through blockchain technology can provide cheaper, faster and possibly more […]
BIS releases full report on mBridge wholesale CBDC platform after successful pilot
Source: Cointelegraph The Bank for International Settlements (BIS) has released the full details of its mBridge pilot project to use central bank digital currencies (CBDCs) for foreign exchange. Commercial banks in four jurisdictions made cross-border transfers using CBDCs and distributed ledger (blockchain) technology in the project, which was heralded as a success. Twenty commercial banks in Hong Kong, […]
Landmark International CBDC Test Deemed Success, BIS Says
Source: Coindesk 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, […]
The Bank of Thailand to pilot Retail CBDC by the end of 2022
Original Source: Cointelegraph On top of its wholesale central bank digital currency (CBDC) projects and proof-of-concept Retail CBDC testing with corporates, the Bank of Thailand (BOT) will extend the scope of CBDC development aimed at retail to a pilot phase. A possible real-life application of the “Retail CBDC” will be conducted inside the private sector on a […]
Unlocking $120 Billion Value In Cross-Border Payments: How banks can leverage central bank digital currencies for corporates
