The Bank for International Settlements (BIS) has declared a multi-jurisdictional central bank digital currency (CBDC) pilot “successful” following a month-long test phase that enabled $22 million in real-value cross-border transactions, as reported by Cointelegraph.
According to Cointelegraph, the pilot initiative included the central banks of Hong Kong, Thailand, China, and the United Arab Emirates, as well as 20 commercial banks from those countries.
According to a Tuesday LinkedIn post from the BIS, more than $12 million in value was issued onto the test platform, which permitted 164 foreign exchange transactions and cross-border payments totaling more than $22 million in value.
The pilot focused on wholesale CBDC cross-border payments and the role of central banks on the platform, according to Daniel Eidan, an adviser and solution architect at the BIS, adding that “we will certainly examine more commercial issues in the future stages of our work.”
The mBridge platform, short for Multiple CBDC (mCBDC) Bridge, is part of Project Inthanon-LionRock, a distributed ledger technology (DLT) CBDC cross-border payment project launched in September 2019 by the Thai and Hong Kong central banks.
With the completion of the platform’s first pilot, the project has entered its third and final stage before releasing a bare-bones version of the product that only includes the platform’s fundamental capabilities.
The BIS further stated that the detailed progress report on mBridge will be released in October, Cointelegraph noted.
(With insights from Cointelegraph)