MNI BRIEF: PBOC Says M-bridge Trial A Foundation For Expansion

MNI (Beijing) - A recent m-Bridge trial was successful and now offers strong possibilities for expansion internationally, Mu Changchun, Director-General of the Digital Currency Institute People’s Bank of China (PBOC) said Tuesday, noting the system performed @strongly in trials, with low latency and high efficiency”.

The mBridge scheme is a collaboration between the central banks of China, Hong Kong, Thailand and the UAE and is designed to facilitate cross border payments of central bank digital currencies (CBDC). A report from the Bank of International Settlements, into a recent 6-week trial of mBridge was released last week.

“Using Distributed Ledger Technology (DLT), mBridge is able to overcome the different regulatory and technical requirements needed to dock mBridge to domestic systems”. Mu told the Hong Kong FinTech Week Conference. Yi Gang, the PBOC’s Governor, told participants on Monday he would support expanding cooperation on CBDC (see MNI BRIEF: PBOC To Strengthen Digital Currency Collaboration - Bonds & Currency News | Market News).