BIS: World’s First CBDC Pilot With Four Countries Is Completed

BIS: World’s First CBDC Pilot With Four Countries Is Completed

by September 27, 2022

The Bank for International Settlements – BIS Innovation Hub Hong Kong Centre, Hong Kong Monetary Authority, Bank of Thailand, People’s Bank of China and the Central Bank of The UAE announce the successful completion of the first CBDC pilot involving four jurisdictions and real-value transactions.

Previously known as Project Inthanon-LionRock, the project was renamed as “m-CBDC Bridge” to explore the capabilities of distributed ledger technology (DLT) in facilitating real-time cross-border foreign exchange payment-versus-payment transactions in a multi-jurisdictional context and on a 24/7 basis.

The m-CBDC Bridge project also explored business use cases in a cross-border context using both domestic and foreign currencies.

20 participating commercial banks had used the mBridge Ledger, a custom-developed DLT platform, between August 15 and September 23 to settle different kinds of payments for corporate customers with a focus on cross-border trade.

According to BIS, over HK$93 million in value was issued onto the platform, facilitating over 160 cross-border payments and FX transactions totaling more than HK$171 million in value.

The final report highlighting the technical design and features of the platform, major learnings of the pilot, and the future roadmap of mBridge will be released in October.

More details will be revealed by the mBridge core team at the Hong Kong Fintech Week on 31 October to 4 November 2022.