mBridge CBDC Project Preparing For New Members
Hong Kong Monetary Authority CEO Eddie Yue has announced plans for the Central Bank Digital Currency project, indicating a significant expansion of the mBridge project, a cross-border payment initiative initiated in 2021. Supported by the HKMA, China, Thailand, UAE, commercial banks, and the Bank for International Settlements Innovation Hub, the project is set to be commercialized.
Central banks can participate in the Bridge project without owning Central Bank Digital Currency (CBDC). All current participants have CBDCs at the pilot stage, with the Bahamas, Jamaica, and Nigeria being the only countries to launch CBDCs. US Congress member Maxine Waters expressed concern about the project’s potential to evade economic sanctions.
(With inputs from Shikha Singh)
You need to login in order to Like
