According to the Shanghai Securities Daily on the 3rd, the multi-central bank digital currency bridge (multi CBDC) supported by the Hong Kong Innovation Center of the International Settlement Bank and jointly promoted by the People’s Bank of China Digital Currency Research Institute, the Hong Kong Financial Management Bureau, the Central Bank of Thailand and the Central Bank of the United Arab Emirates (UAE) bridge, mBridge) has published a CBDC use case manual. The use case manual contains the CBDC pilot test jointly conducted by the above organizations, its progress, and use cases.
The manual lists 15 potential application scenarios, including international trade settlements, cross-border e-commerce, and supply chain finance. According to the manual, through the pilot test conducted, the possibility of increasing payment efficiency through the currency bridge platform at the time of settlement of international trade was verified. In addition, through the demonstration, it was verified that the currency bridge can be linked with the work of the People’s Bank of China trade finance blockchain platform and the Hong Kong trade link platform, and the cross-border payment capability of the loan service and the currency bridge has been verified.
The test bed for the demonstration was designed by China. The People’s Bank of China Digital Currency Research Institute served as the technical chairperson of the Central Bank Digital Currency Bridge Project to establish a currency bridge testbed. A total of 22 financial institutions and organizations participated in the task bed: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, Construction Bank of China, Transportation Bank, China Postal Savings Bank, China Exchange Center, HSBC, Standard Charted, Hong Kong Exchange, Thailand Banking Association, etc. In addition, this test was conducted against 4 jurisdictions and 11 industries, and the total transaction value during the test period was equivalent to KRW 370 billion (more than 2 billion yuan).
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