Monetary authorities in Asia pilot real-value cross-border settlements with CBDCs.
China, Hong Kong, Thailand, and UAE Trial Cross-Border Transactions With Digital Currencies
The tests, which took place between Aug. 15 and Sept. 23, covered real-value transactions. They were processed through a distributed ledger platform called Mbridge, a payment project initiated by the Hong Kong Monetary Authority, Bank of Thailand, and the BIS Innovation Hub in 2019. The People’s Bank of China and the Central Bank of UAE joined in 2021.
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