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BIS releases full report on mBridge wholesale CBDC platform after successful pilot

Published 10/26/2022, 04:15 PM
Updated 10/26/2022, 06:20 PM
BIS releases full report on mBridge wholesale CBDC platform after successful pilot

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, China, the United Arab Emirates and Thailand used the custom-made mBridge Ledger platform and CBDCs issued by their respective central banks to conduct payment and foreign exchange payment-versus-payment transactions on behalf of their corporate clients between August 15 and September 23. Over $12 million was issued on the platform, facilitating over 160 transactions worth more than $22 million in value.

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