Russia BRICS Bridge eyed for cross-border payments with China, Gulf countries
The proposed BRICS Bridge system draws inspiration from the BIS-backed mBridge platform, with China and the United Arab Emirates already recording initial successes.
The proposed BRICS Bridge system draws inspiration from the BIS-backed mBridge platform, with China and the United Arab Emirates already recording initial successes.
The Central Bank of the United Arab Emirates initiated a 50 million dirham ($13.6 million) transfer to China at the tail end of January.
Project mBridge is inching forward to launching an MVP in 2024, and to achieve this, the Bank for International Settlements is exploring functionalities like platform statistics, queue management, and aligning with the CPMI frameworks.
mBridge previously relied on a customized network developed by four central banks, but it’s now deployed on the Dashing Protocol developed by PBoC.
Initial experiments with e-HKD have shown promise, but they are still conducting trials to explore a handful of use cases, according to Hong Kong Monetary Authority CEO Eddie Yue.
Cross-border CBDC project mBridge progresses with minimum viable product launch plans, expanding participation to Southeast Asian central banks, while U.S. expresses cautious interest.
The Central Bank of the United Arab Emirates (CBUAE) is forging ahead with the development of its central bank digital currency following the unveiling of a strategy.
Apart from improving cross-border payments, CBUAE’s governor noted that the pilot was also targeted at enhancing the local financial sector in the Middle Eastern country.
Shenzhen-based companies single-handedly accounted for $7.3 million in transaction volumes out of the $22 million made by the four participating countries, according to reports.
Sveriges Riksbank is also partnering with Norway in Project Icebreaker to test the viability of CBDCs in international retail and remittance payments.
A month-long CBDC pilot program involving Hong Kong, Thailand, China, and the United Arab Emirates ends with millions in cross-border and foreign exchange transactions made, signaling a new track for economic growth.
In a research report, the BISIH highlighted results achieved from four recent cross-border multiple CBDC platform pilot projects the BIS partook in with different central banks worldwide.