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- BIS announced that a multi-jurisdiction CBDC pilot spearheaded by BIS Innovation Hub completed successfully.
- The project recorded 164 transactions that were worth nearly $22 million in real-value X-border payments through mBridge.
BIS Innovation Hub With mBridge
On September 27, 2022 the Bank for International Settlements (BIS) shared a LinkedIn post, in which BIS added, “It took place from 15 August to 23 September on the mBridge Ledger, a custom-developed #DLT platform. The 20 participating commercial banks used the platform to settle different kinds of payments for corporate customers, focusing on cross-border trade. Over $12 million in value was issued onto the platform facilitating over 160 cross-border payments and FX transactions totaling more than $22 million in value.”
Along with the Central Banks of Hong Kong, China, Thailand, and the United Arab Emirates (UAE), 20 Commercial Banks also took part in this project, which ended last month.
Tayo Tunyathon K from Bank of Thailand, also shared a Linkedin post, in which she added, “Proud to have been a part of the working team in making this historic milestone! We are only just beginning to see the possibilities of CBDC in bridging borders and facilitating trade/economic growth.”
According to a BIS survey in May 2022, 73 out of 81 central banks are researching multiple ways to launch CBDCs, and nearly 50% of them are already developing or experimenting with it. The survey also pointed out that central banks believe CBDCs can decrease issues such as limited operating hours and lengthy payment processes.
The Head of the BIS Innovation Hub, Cecilia Skingsley, said at the European Central Bank’s (ECB) Forum on Central Banking that “CBDCs are the natural evolution of the fiat monetary system and cash is on its way out.”
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
