The banks ran a pilot test where 164 payment and foreign exchange transactions were completed, totaling over $22 million over the six weeks
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Major national banks have successfully completed trials of a co-developed blockchain platform that could see a faster uptake of central bank digital currencies (CBDCs) across global commercial banks.
National banks that took part were the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China, and the Central Bank of the United Arab Emirates, Bank of International Settlements (BIS) revealed this week.
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The banks custom-built the m Bridge platform which was based on a new blockchain called the MiBridge Ledger which aims to support real-time, cross-border payments and foreign exchange transactions using CBDCs.
As part of ongoing efforts, it’s thought the success of the platform will help deliver faster, cheaper, and safer cross-border payments and settlements.