China’s relentless effort to elevate its role and prestige in global finance is proceeding through continuous technological advancements towards a not-so-distant future where all transactions are going to be conducted in a totally digitalized form, and has marked another decisive milestone this week.
As reported by several business media outlets the People’s Bank of China (PBOC) has joined this week central banks from Thailand, United Arab Emirates (UAE) and Hong Kong in a project nicknamed m-CBDC Bridge that is aimed at developing a distributed ledger technology for real time cross-border transactions involving domestic and foreign currencies.
The initiative is no surprising since China and the UAE have simply expanded an initiative started last year under the name of Project Inthanon-LionRock by the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) whose goal was to utilize central bank digital currencies (CBDC) in order to circumvent the banking network and allow direct payments among banks.
Read more: https://news.cgtn.com/news/2021-03-01/m-CBDC-Bridge-project-showcases-future-of-global-banking-Yh3x1QTdbW/index.html
