CBDC fever has spurred many financial institutions across the world into action. Along with the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the U.A.E., the People’s Bank of China [Digital Currency Institute], and the Hong Kong Monetary Authority are working together to develop a multi-CBDC platform – or bridge – for international remittances.
A report shared by the Bank of Thailand revealed more recent updates regarding the program.
Testing the waters
Of all the use cases for the mBridge project, the report deemed “International Trade Settlement” is a priority. This is the case because the countries involved in the trial reportedly boast a collective value of more than $730 billion in trade transactions.
If that wasn’t incentive enough, the report also revealed that roughly hundreds of millions of dollars have already been trialed on the mBridge platform.