According to Shanghai Securities News, Hong Kong Monetary Authority Chief Executive Eddie Yue said that the multilateral central bank digital currency bridge project (mBridge) in cooperation with the Bank for International Settlements and other central banks is progressing. The latest pilot test shows that this central bank digital currency wholesale platform can speed up cross-border payments at lower costs and higher transparency. We look forward to more central banks joining this open platform.
Yu Weiwen said that a "minimum viable product" may be launched in the near future to pave the way for the gradual commercialization of mBridge. It is hoped that this new innovative platform will help solve the long-standing pain points of cross-border payments and improve the efficiency of the global value chain.