Hong Kong Monetary Authority Chief Executive: mBridge CBDC project will gradually transition to commercialization

ChainCatcher news, according to Blockworks, during the keynote speech at the 2023 Shanghai Securities Market Forum, Eddie Yue, the President of the Hong Kong Monetary Authority, detailed the plans for mBridge, a platform co-developed by China, Thailand, Hong Kong, and the UAE in collaboration with the Bank for International Settlements.

It is reported that the mBridge project is a digital platform developed through cooperation among central banks, aimed at utilizing blockchain technology for cross-border payments. Some believe it has the potential to challenge the traditional dollar-based global payment system.

Now, more central banks are expected to join and expand the scope of the project. Yue stated, "We look forward to more central banks joining this open platform, and soon we will launch what we call the minimum viable product to pave the way for the gradual commercialization of mBridge." Recent pilot tests have shown that the central bank digital currency (CBDC) platform can accelerate cross-border payments while reducing costs and increasing transparency.