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.
Feb 23, 2021 at 3:54 p.m. UTCUpdated Aug 19, 2021 at 7:27 a.m. UTC
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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.
- 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.
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