HONG KONG — A clutch of Asian central banks is helping to pioneer a blockchain-based platform to make cross-border digital currency transfers easier as governments rush to develop virtual money.
A pilot test of the platform, called mBridge, involved central banks from Hong Kong, Thailand, China and the United Arab Emirates. It has been developed by the Bank for International Settlements, the global financial institution that works to foster cooperation and support among central banks.
A total of $12 million worth of different central bank digital currencies (CBDC) were issued on the platform, according to a report by the BIS released on Wednesday.
