Central banks – based mostly in Hong Kong, China, the United Arab Emirates and Thailand – issued over $12 million on the platform, permitting the industrial banks to conduct fee and overseas trade fee versus fee transactions (PvP), the report stated. The pilot was a part of BIS’s ongoing Challenge mBridge, a collaboration between the worldwide monetary establishment and the central banks of these 4 nations that’s learning CBDCs and their potential function in cross-border funds and multi-CBDC transactions.
