{"id":1700013,"date":"2022-09-28T01:17:55","date_gmt":"2022-09-28T05:17:55","guid":{"rendered":"https:\/\/wordpress-1016567-4521551.cloudwaysapps.com\/?post_type=station&p=1700013"},"modified":"2022-09-28T01:34:30","modified_gmt":"2022-09-28T05:34:30","slug":"bis-marks-cbdc-pilot-as-successful-with-22m-transacted","status":"publish","type":"station","link":"https:\/\/platodata.io\/plato-data\/bis-marks-cbdc-pilot-as-successful-with-22m-transacted\/","title":{"rendered":"BIS marks CBDC pilot as ‘successful’ with $22M transacted"},"content":{"rendered":"

A multi-jurisdictional Central Bank Digital Currency (CBDC)<\/a> pilot has been marked \u201csuccessful\u201d by the Bank for International Settlements (BIS) after a month-long test phase that facilitated $22 million worth of real-value cross-border transactions.<\/p>\n

The central banks of Hong Kong, Thailand, China and the United Arab Emirates (UAE) took part in the pilot program along with 20 commercial banks from those regions.<\/p>\n

More than $12 million worth of value was issued onto the test platform, which facilitated 164 foreign exchange transactions and cross-border payments<\/a> between the participating firms totaling over $22 million worth of value according to a Tuesday LinkedIn post<\/a> from the BIS.<\/p>\n

\"image\"
Graphic from the BIS on the CBDC pilot. Source: <\/em>LinkedIn<\/em><\/a><\/figcaption><\/figure>\n

Daniel Eidan an advisor and solution architect at the BIS said<\/a> the pilot focused on wholesale CBDC<\/a> cross-border payments and the role the central banks have on the platform, adding \u201cwe will likely consider more commercial aspects in the future stages of our work.\u201d<\/p>\n

The platform, known as \u201cmBridge\u201d short for Multiple CBDC (mCBDC) Bridge is a part of Project Inthanon-LionRock, a distributed ledger technology (DLT)<\/a> CBDC cross-border payment project launched initially in Sept. 2019 involving the Thai and Hong Kong central banks.<\/p>\n

With the first pilot of the platform now completed the project has moved into its third and final stage before a minimum version of the product with only the platform’s core functionality is put to market.<\/p>\n

A fully-functional CBDC cross payments platform will only be ready after revisions are made taking into account the feedback from the minimum version, according to a Sept. 2021 BIS report<\/a>.<\/p>\n

Related: <\/em><\/strong>Russia aims to use CBDC for international settlements with China: Report<\/em><\/strong><\/a><\/p>\n

The BIS added that a detailed progress report on mBridge will be released in October which will discuss technical design, legal, policy and regulatory considerations along with a future roadmap of mBridge.<\/p>\n

A June report by the BIS revealed around 90% of central banks are investigating the adoption of CBDCs<\/a>. Currently, 11 CBDCs have launched, 15 are in a pilot stage and 26 are in development according to the CBDC tracker<\/a> from think tank Atlantic Council.<\/p>\n","protected":false},"author":1,"featured_media":1700014,"template":"","meta":{"_eb_attr":"","type":"","auto_type":false,"post":"","stream":"","stream_url":"","waveform_data":[],"duration":0,"start":0,"end":0,"bpm":0,"downloadable":false,"download_url":"","purchase_title":"","purchase_url":"","post-count-all":0,"like_count":0,"download_count":0,"editor_note":"","copyright":"","captions":[],"sources":[]},"genre":[41],"station_tag":[6586,3634,3884,14560,6428,5224,31422,3998,5611,4421,3888,14557,4298,4150,20282,14559,5019,3767,4158,4302,3837,4163,4610,3646,5479,4089,31421,31423,14576,7457,14558,8453,12764,9642,14556,8593,14575,5233,8596,7894,14555],"artist":[5815],"mood":[],"activity":[],"_links":{"self":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station\/1700013"}],"collection":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station"}],"about":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/types\/station"}],"author":[{"embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/media\/1700014"}],"wp:attachment":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/media?parent=1700013"}],"wp:term":[{"taxonomy":"genre","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/genre?post=1700013"},{"taxonomy":"station_tag","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station_tag?post=1700013"},{"taxonomy":"artist","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/artist?post=1700013"},{"taxonomy":"mood","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/mood?post=1700013"},{"taxonomy":"activity","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/activity?post=1700013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}