The Bank for International Settlements (BIS) and four central banks have completed a successful pilot of the use of central bank digital currencies (CBDCs) by commercial banks for foreign exchange transactions across borders, as part of Project mBridge.
The Central Bank of the UAE (CBUAE) has completed the first and the largest scale pilot of central bank digital currencies, being used by 20 commercial ban..
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<li>Twenty banks in Hong Kong SAR, Thailand, mainland China and the United Arab Emirates used the mBridge platform to conduct 164 payment and foreign exchange transactions totalling over $22 million.</li>
<li>The pilot advances multi-CBDC experimentation by settling real value directly on the platform</li>
<li>The BIS will present the mBridge pilot at Hong Kong Fintech Week, along with updates on Project Aurum (retail CBDC) and Genesis 2.0 (green finance)</li>
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