Share this article
BTC
$83,278.68
-
0.71%ETH
$1,803.64
-
0.72%USDT
$0.9998
+
0.02%XRP
$2.1466
+
0.70%BNB
$592.80
-
0.80%SOL
$119.65
-
2.55%USDC
$1.0002
+
0.02%DOGE
$0.1687
-
1.46%ADA
$0.6546
-
0.88%TRX
$0.2375
-
0.59%LEO
$9.1377
-
0.34%LINK
$12.80
-
1.11%TON
$3.2562
-
4.61%XLM
$0.2519
-
3.00%AVAX
$17.83
-
1.99%SHIB
$0.0₄1235
+
0.32%SUI
$2.2134
-
2.05%HBAR
$0.1620
-
1.36%LTC
$82.69
-
2.06%OM
$6.2658
-
0.04%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Landmark International CBDC Test Deemed Success, BIS Says
Over $22 million in foreign exchange was aided via the pilot involving China, Thailand and Hong Kong, the Bank for international Settlements said
A project involving multiple Asian central bank digital currencies (CBDC) has been badged a success, facilitating over $22 million in foreign-exchange transactions, the Bank for International Settlements (BIS) said Tuesday.
The trial, described as the first of its kind ever, used a custom-built distributed-ledger technology platform, is supported by central banks from China, Hong Kong, Thailand and the United Arab Emirates, and was completed Sept. 23, the BIS said in a LinkedIn post.
STORY CONTINUES BELOW
Multiple jurisdictions around the world are looking at creating a central bank digital currency, but they also want to ensure that any dematerialized form of state-backed fiat allows for fast and safe payments across borders, which are today often costly.
A statement issued in November said that Goldman Sachs, HSBC, Societe Generale and China’s six biggest state-owned lenders are among the 20 commercial banks involved in the project, known as mBridge.
A detailed report will be released in October, said the BIS, a grouping of the world’s central banks based in Basel, Switzerland.
Read more: mBridge Reveals 15 Use Cases and 22 Heavyweight Participants
Jack Schickler
Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He previously wrote about financial regulation for news site MLex, before which he was a speechwriter and policy analyst at the European Commission and the U.K. Treasury. He doesn’t own any crypto.
