According to Blockworks, Eddie Yue, President of the Hong Kong Monetary Authority, detailed mBridge’s plans at the 2023 Shanghai Securities Market Forum. The platform was jointly developed by Thailand, Hong Kong, China and the United Arab Emirates in cooperation with the Bank for International Settlements, aiming to use blockchain technology for cross-border transactions. Pay.

Now, more central banks are expected to join and expand the scope of the project. Yue said: “We look forward to more central banks joining this open platform, and soon we will launch what we call a minimum viable product to pave the way for mBridge’s gradual commercialization. Recent pilot trials have shown that the central bank digital currency (CBDC) platform Cross-border payments can be accelerated while reducing costs and increasing transparency.”