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Central Banks of China, UAE Join Blockchain-Based CBDC Payments Project
The project will explore the capabilities of a DLT-based central bank digital currency in regional payments.
The Hong Kong Monetary Authority and the Bank of Thailand have announced the central banks of China and the United Arab Emirates are joining a project looking to use blockchain tech for regional payments.
STORY CONTINUES BELOW
- The "Multiple Central Bank Digital Currency Bridge" (m-CBDC) project will explore the capabilities of distributed ledger technology (DLT) through the development of a proof-of-concept (PoC) prototype, according to a joint statement Tuesday.
- Specifically, the central banks will explore the possibilities of DLT and CBDCs in facilitating cross-border, multi-currency, real-time payments.
- Hong Kong and Thailand previously collaborated on Project-Inthanon-Lionrock in Q4 2019 which developed a DLT-based prototype allowed participating banks to conduct payments on a peer-to-peer basis, removing clearing and settlement pain points.
- Under its new name, the m-CBDC Bridge will expand across more central banks, which will evaluate its feasibility on a pan-Asian and eventually wider basis.
See also: Thailand Already Using Central Bank’s Digital Currency
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
