Project mBridge, a central bank digital currency project carried out by the central banks of Hong Kong, China, Thailand and the UAE, will be expanding.
Project mBridge may soon see significant expansion, according to Hong Kong Monetary Authority CEO Eddie Yue. HeYue said tests have shown mBridge to provide faster, cheaper and more transparent cross-border payments. The project was initiated in 2021 with the participation of the HKMA, and the central banks of China, Thailand and the United Arab Emirates, as well as commercial banks from each of those jurisdictions and the Bank for International Settlements Innovation Hub .
Central banking officials connected with the project have said previously that a central bank does not have to have its own CBDC to participate in it. All of the current participants have CBDCs at the stage of pilot projects. The only countries that have launched CBDCs are the Bahamas, Jamaica and Nigeria, according to the website
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