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The Bank for International Settlements (BIS) is moving forward to the testing stage of the minimum viable product (MVP) as part of Project mBridge, an international central bank digital currency (CBDC) initiative, and intends to include private sector participants in the process.
BIS representatives announced that Project mBridge has reached the MVP phase and is broadening its global footprint. The objective of the project is to establish a distributed ledger technology (DLT) platform for the collaborative use of CBDCs by various central and commercial banks to enable instantaneous cross-border payments and settlements.
The initiative currently comprises over 26 permanent members, including:
- BIS Innovation Hub;
- People’s Bank of China;
- Hong Kong Monetary Authority;
- Bank of Thailand;
- Central Bank of the United Arab Emirates;
- Saudi Central Bank, among others.
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Initially, only public and international organizations were involved in the project, but at the MVP testing stage, BIS representatives plan to engage private entities. They are invited to create new solutions and use cases to further enhance and showcase the platform’s capabilities. Interested parties must complete the relevant form to take part in the project.
At present, the platform operates on the mBridge Ledger blockchain and is compatible with the Ethereum Virtual Machine (EVM). The testing phase aims to assess the platform’s functionality, the development of additional technological solutions, new use cases, and interoperability with other systems.
As per the CBDC Tracker service, there are currently 165 active central bank digital currency projects globally, with four fully launched and 18, including mBridge, in the pilot launch phase. A similar service from the Atlantic Council reports different figures, indicating a total of 134 CBDC projects, with three fully operational digital currencies and 36 projects in the pilot testing phase.
BIS representatives announced the shift to the new phase of Project mBridge in November of the previous year. At that time, plans were disclosed to launch the MVP for commercial use based on ongoing developments.
Сообщение Private Companies to Join Testing of International CBDC System появились сначала на CoinsPaid Media.
