Private Firms To Join Global Central Bank CBDC Project
Project mBridge, a multi-central bank digital currency initiative by the Bank of International Settlements (BIS), is seeking private sector participation to develop its prototype into a minimum viable product (MVP).
The project, initiated in 2021 by BIS Innovation Hub in collaboration with Thai, UAE, Chinese, Hong Kong authorities, and Saudi Central Bank, aims to create a “universally accessible” multi-CBDC infrastructure.
The mBridge blockchain is designed for real-time, peer-to-peer, cross-border payments and foreign exchange transactions.
The mBridge MVP is set to launch in September 2023, with the aim of paving the way for the gradual commercialization of mBridge.
The mBridge MVP can technically handle real-world transactions and is compatible with the Ethereum Virtual Machine (EVM).
A recent BIS report suggests that all central banks globally will soon adopt generative artificial intelligence (AI) tools for cybersecurity. Over two-thirds of respondents are already using gen AI, and 26% plan to incorporate such tools into their operations within the next one to two years.
(With inputs from Shikha Singh)
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