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Landmark International CBDC Test Deemed Success, BIS Says

Landmark International CBDC Test Deemed Success, BIS Says

Landmark International CBDC Test Deemed Success, BIS Says

Over $22 million in foreign exchange was aided via the pilot involving China, Thailand and Hong Kong, the Bank for international Settlements said

Over $22 million in foreign exchange was aided via the pilot involving China, Thailand and Hong Kong, the Bank for international Settlements said

Over $22 million in foreign exchange was aided via the pilot involving China, Thailand and Hong Kong, the Bank for international Settlements said

AccessTimeIconSep 27, 2022, 4:25 PM
Updated May 11, 2023, 5:09 PM

Several central banks successfully piloted a CBDC trial, the Bank for International Settlements said Tuesday. (Twenty47studio/Getty Images)

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A project involving multiple Asian central bank digital currencies (CBDC) has been badged a success, facilitating over $22 million in foreign-exchange transactions, the Bank for International Settlements (BIS) said Tuesday.

The trial, described as the first of its kind ever, used a custom-built distributed-ledger technology platform, is supported by central banks from China, Hong Kong, Thailand and the United Arab Emirates, and was completed Sept. 23, the BIS said in a LinkedIn post.

Multiple jurisdictions around the world are looking at creating a central bank digital currency, but they also want to ensure that any dematerialized form of state-backed fiat allows for fast and safe payments across borders, which are today often costly.

A statement issued in November said that Goldman Sachs, HSBC, Societe Generale and China’s six biggest state-owned lenders are among the 20 commercial banks involved in the project, known as mBridge.

A detailed report will be released in October, said the BIS, a grouping of the world’s central banks based in Basel, Switzerland.

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