Project mBridge, an innovative multi-central bank digital currency (multi-CBDC) venture led by the Bank for International Settlements (BIS), is inviting private sector involvement to enhance its prototype into a viable product.
Established in 2021 by the BIS Innovation Hub in partnership with the central banks of Thailand and the United Arab Emirates, as well as authorities from China and Hong Kong, Project mBridge has since welcomed the Saudi Arabian central bank and 26 observing members on board.
The collaboration between central and commercial banks aims to tackle issues with cross-border fiat payments, such as exorbitant costs, slow processing times, and operational intricacies. The ultimate objective is to establish a universally accessible multi-CBDC infrastructure.
Participants in the core mBridge team have developed a prototype platform over time, which includes the creation of the mBridge blockchain designed for seamless real-time peer-to-peer cross-border payments and foreign exchange transactions.
The anticipated launch of the mBridge MVP is scheduled for September 2023, as disclosed by Hong Kong Monetary Authority CEO Eddie Yue.
Yue highlighted that tests have demonstrated mBridge’s ability to facilitate quicker, more cost-effective, and transparent cross-border payments. However, the BIS currently has no intentions of involving private sector entities in the project. Yue mentioned:
“The mBridge MVP is fully capable of handling real-world transactions and is interoperable with the Ethereum Virtual Machine.”
A recent report by the BIS indicated that central banks worldwide are expected to adopt generative artificial intelligence (AI) tools for cybersecurity in the near future. The report emphasized:
“While generative AI tools have improved banks’ response times to cyber threats and assisted in identifying suspicious patterns and irregularities, the primary concern for central banks remains the expenses related to implementing generative AI tools.”
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