There Will Be 2 More Central Banks Negotiate To Join mBridge

Key Points:

• The mBridge of central banks is projected to reach the “Minimum Viable Product (MVP)” stage early next year, according to the HKMA president.
• He went on to say that, in addition to the four central banks.
• mBridge now has 15 central banks or international institutions as observer members, with two more under talks.

According to Yahoo Finance, Yu Weiwen, President of the Hong Kong Monetary Authority, said in an interview that the multilateral central banks’ digital currency bridge mBridge project, with the exception of China, is likely to reach the “Minimum Viable Product (MVP)” stage early next year.

The Hong Kong Monetary Authority (HKMA), the Bank of Thailand (BoT), the Central Bank of the United Arab Emirates (CBUAE), the People’s Bank of China’s Digital Currency Research Institute (PBC DCI), and the BIS Innovation Hub Hong Kong Centre created mBridge (BISIH Hong Kong Centre).

The network is built on a novel blockchain dubbed the mBridge Ledger and is meant to facilitate real-time, peer-to-peer, cross-border payments and foreign exchange transactions utilizing CBDCs. The platform is intended to assure adherence to jurisdiction-specific policy and legal standards, laws, and governance requirements.

China, Hong Kong, Thailand, and the United Arab Emirates are all in talks to join. Other central banks are expected to participate before the MVP.

He also said that, in addition to the four central banks, mBridge presently has 15 central banks or international organizations as observer members, with two more negotiating to join; more information would be disclosed later.

Yu Weiwen said unequivocally that he does not want to develop further at this time. He intends to develop a controlled collaboration platform so that specifics may be handled during the testing period. The network will progressively grow as the platform is launched.

Yu Weiwen said that the purpose of this trip to the UAE is to talk with the nation about how to fix various issues, with the hope of advancing mBridge to the MVP level, making trade settlement cheaper and quicker. He emphasized unequivocally that the present obstacles are not technological, and he cited four primary concerns: coordinating local supervision, platform governance approaches, guaranteeing local currency liquidity, and preserving foreign currency liquidity.

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