Asian Banks test cross-border Digital Currency platform



Several Asian central banks are pioneering on testing blockchain-based platform that makes cross-border digital currency transfers easier as cryptocurrencies enter a period of widespread adoption.

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Several Asian central banks are pioneering on testing blockchain-based platform that makes cross-border digital currency transfers easier as cryptocurrencies enter a period of widespread adoption.

The Bank for International Settlements (BIS) has successfully tested a blockchain platform for digital currencies called mBridge which was quickly adopted by the central banks of Hong Kong, Thailand, China and the United Arab Emirates.

Central banks in the region have issued a total of $12 million in digital currency on the platform.

Asian Banks test cross-border Digital Currency platformph: BIS

In the August and September, 20 commercial banks including HSBC, Bank of China, Bangkok Bank and First Abu Dhabi Bank, coordinated 164 successful payment transactions with foreign exchange worth about 22 million USD on behalf of corporate customers in a pilot using CBDC released on mBridge.

Three types of transactions have been tested: CBDC issuance between a central bank and a domestic commercial bank, cross-border payments between commercial banks and cross-border currency exchange between commercial banks.  

Transactions during the pilot mainly included some corporate payments to international trade settlements for goods and services, using multiple CBDC versions of the Hong Kong dollar, Chinese Yuan, Thai baht and UAE dirham.

BIS said that mBridge needs to be refined and improved before it is ready for full deployment. This bank reveals that in the next two years it will focus on developing data security tools as well as integrating liquidity and transaction management tools.

Laws and regulations will also be an issue that needs to be thoroughly resolved before the widespread adoption of international CBDC settlements on mBridge and to unlock the potential of digital currencies, said the BIS.

As of July 2022, there were nearly 100 CBDC projects - According to the International Monetary Fund.  Ten countries have launched a digital currency, of which China has announced that it will pilot a digital Yuan next year.  South Korea, Japan and India are the few names that have made progresses this year with developing or completing a pilot of national digital currency.

Asian Banks test cross-border Digital Currency platform

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