Odaily Planet Daily News In the keynote speech of the 2023 Shanghai Securities Market Forum, Eddie Yue, President of the Hong Kong Monetary Authority, detailed the plan for mBridge, a platform jointly developed by Thailand, Hong Kong, China and the United Arab Emirates in cooperation with the Bank for International Settlements.
The mBridge project is a digital platform jointly developed by central banks of various countries, aiming to use blockchain technology for cross-border payments. Some believe it has the potential to challenge the traditional dollar-based global payments system.
Now, more central banks are expected to join and expand the scope of the project. Yue said: “We look forward to more central banks joining this open platform, and soon we will launch what we call a minimum viable product to pave the way for mBridge’s gradual commercialization. Recent pilot trials have shown that the central bank digital currency (CBDC) platform Cross-border payments can be accelerated while reducing costs and increasing transparency.” (Blockworks)
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