BIS labels CBDC pilot ‘successful’ in $22M deal

multi-jurisdictional Central Bank Digital Currency (CBDC) After a one-month testing phase that resulted in actual cross-border transactions worth $22 million, the Bank for International Settlements (BIS) marked the pilot project as “successful.”

The central banks of Hong Kong, Thailand, China and the United Arab Emirates (UAE) participated in the pilot program along with 20 commercial banks from these regions.

Over $12M worth of value was issued to the test platform, facilitating 164 FX transactions and Cross-border payment The total value between participating companies is more than $22 million, according to LinkedIn on Tuesday postal From the Bank for International Settlements.

Chart from BIS on CBDC pilots. resource: LinkedIn

Daniel Eidan, BIS Consultant and Solutions Architect Say pilots focus on Wholesale CBDC Cross-border payments and the role of central banks on the platform, adding that “we may look at more commercial aspects in future stages of work.”

Known as “mBridge” short for Multiple CBDC (mCBDC) Bridge, the platform is part of the Inthanon-LionRock project, Distributed Ledger Technology (DLT) The CBDC cross-border payment project was first launched in September 2019, involving the central banks of Thailand and Hong Kong.

With the first pilot of the platform now complete, the project has entered its third and final phase before bringing a minimum version of the product to market with only the core functionality of the platform.

A fully functional CBDC cross-payment platform will only be ready after modifications taking into account feedback from a minimum version, according to a September 2021 BIS Report.

related: Russia aims to use CBDC for international settlements with China: report

The BIS added that a detailed progress report on mBridge will be released in October, which will discuss technical design, legal, policy and regulatory considerations, as well as mBridge’s future roadmap.

A June report from the Bank for International Settlements showed that about 90 percent of central banks Investigating CBDC adoption. At present, 11 CBDCs have been launched, 15 are in the pilot stage and 26 are in the development stage Tracker From think tank Atlantic Council.