mBridge
From ACT Wiki
Cash management - treasury - banking - central bank digital currencies (CBDC) - cross-border remittances - multi-country arrangements.
Project mBridge is an exploration of a multi-central bank digital currency (CBDC) platform shared among participating central banks and commercial banks.
It was initiated in 2021 as a collaboration between China, Thailand and the United Arab Emirates, originally named the "m-CBDC Bridge" project.
- Significant potential to improve cross-border payments
- "Project mBridge continues its development and has reached the minimum viable product (MVP) stage, while broadening its international reach...
- The Saudi Central Bank is joining mBridge as a full participant. There are also now more than 26 observing members.
- The project aims to tackle some of the key inefficiencies in cross-border payments, including high costs, low speed and operational complexities.
- It also addresses financial inclusion concerns, particularly in jurisdictions where correspondent banking (which connects countries to the global financial system) has been in retreat, causing additional costs and delays.
- Multi-CBDC arrangements that connect different jurisdictions in a single common technical infrastructure offer significant potential to improve the current system and allow cross-border payments to be immediate, cheap and universally accessible with final settlement."
- Project mBridge reaches minimum viable product stage and invites further international participation - BIS - June 2024.
See also
- Bank for International Settlements (BIS)
- Cash management
- Central bank
- Central bank digital currency (CBDC)
- Correspondent bank
- Currency
- Digital currency
- Distributed ledger
- e-krona
- e-money
- Fiat currency
- Financial inclusion
- Infrastructure
- Jurisdiction
- Libra
- Minimum viable product (MVP)
- Money
- Multi-CBDC arrangement
- Platform
- Sand Dollar
- Settlement
- Treasury
