BIS Publishes Report On Progress Of Multi-CBDC Platform Pilot

The Bank for International Settlements (BIS) recently published a joint report with the BIS Innovation Hub Hong Kong Centre, 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 to provide findings from Project mBridge, a pilot that "experiments with cross-border payments using a common platform based on distributed ledger technology (DLT) upon which multiple central banks can issue and exchange their respective central bank digital currencies (multi-CBDCs)." According to a press release, "Over the course of six weeks in 2022, the mBridge platform was put to the test through a pilot involving real-value transactions among 20 commercial banks from four different jurisdictions ... facilitating over 160 payment and FX PvP transactions totaling more than US$22 million in value." According to the BIS report, "the mBridge pilot and accompanying analysis confirmed