The Bank for International Settlements (BIS) reported that a pilot project to test the state digital currency has revealed unaccounted for commercial aspects in international payments.
During the experiment, on the test platform, CBDC were issued for more than $12 million and 164 international transactions were conducted for a total amount of more than $22 million. The central banks of Hong Kong, Thailand, China and the United Arab Emirates took part in testing the digital currency of the Central Bank, which lasted a month ( UAE), as well as 20 commercial banks from these regions.
BIS Advisor and Solutions Architect Daniel Eidan explained that the pilot project focused on wholesale cross-border payments using a state-owned digital currency and the role of central banks in implementing them. He noted that BIS is likely to consider more commercial aspects in future stages of work.
The BIS report refers to a platform developed as part of the mBridge project, an international initiative to study the state digital currencies of the Central Bank of Thailand, the United Arab Emirates, Hong Kong and China. After completion of testing, the project moved into the third and final stage.
In June, BIS published a report on experiments with digital currencies of several central banks and concluded that the future of international payments lies with government stablecoins. Even earlier, the bank said that about 90% of the Central Banks of various countries of the world are researching or working on state cryptocurrencies.
Source: Bits
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