Hong Kong Monetary Authority Chief Executive: Latest tests show that the multilateral central bank digital currency bridge project can accelerate cross-border payments

ChainCatcher news, according to the Shanghai Securities Journal, the President of the Hong Kong Monetary Authority, Eddie Yue, stated that the multilateral central bank digital currency bridge project (mBridge), in collaboration with the Bank for International Settlements and several central banks including the People's Bank of China, is progressing. The latest pilot tests indicate that this central bank digital currency wholesale platform can accelerate cross-border payments with lower costs and higher transparency. We look forward to more central banks joining this open platform.

Eddie Yue mentioned that a "minimum viable product" may be launched soon, aiming to pave the way for the gradual commercialization of mBridge. It is hoped that this new innovative platform can help address the long-standing pain points of cross-border payments and improve the efficiency of the global value chain.