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IPFS News Link • Economy - International

China, Hong Kong, Thailand, and UAE Trial Cross-Border Transactions With Digital Currencies

• https://news.bitcoin.com, by Lubomir Tassev

Cross-border payments and foreign exchange transactions totaling over $22 million were made as part of the pilot project with the participation of the Bank for International Settlements.

Asian Central Banks Pilot Real-Value International Settlements With Digital Currencies
The monetary policy regulators of China, Hong Kong, Thailand, and the United Arab Emirates have conducted a trial of cross-border payments with digital currencies issued by them. The successful completion of the pilot was announced by the Bank for International Settlement (BIS) Innovation Hub Hong Kong Centre.

The tests, which took place between Aug. 15 and Sept. 23, covered real-value transactions. They were processed through a distributed ledger platform called Mbridge, a payment project initiated by the Hong Kong Monetary Authority, Bank of Thailand, and the BIS Innovation Hub in 2019. The People's Bank of China and the Central Bank of UAE joined in 2021.

During the trial, 20 commercial banks employed the platform to settle various kinds of payments for corporate customers, mainly in cross-border trade, the BIS explained in a post on Linkedin. "Over $12 million in value was issued onto the platform facilitating over 160 cross-border payments and FX transactions totalling more than $22 million in value," it detailed.


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