"QFS CONVERSATION" WITH GOLDILOCKS, 12 JUNE

 GOLDILOCKS

"Project mBridge continues its development and has reached the minimum viable product (MVP) stage, while broadening its international reach."

This project has reached its minimum requirements that will allow it to work with early adopters on this Digital Ledger Technology enabling instant payments through cross-border International (CBDC) trades. This system will allow foreign currency exchanges through local currencies.

There are now over 26 observing members and Saudi Arabia has just recently joined as a full participant. This DLT will allow payments to be settled in local currencies of those who are early adopters of this new digital payment system.

"Project mBridge is the result of extensive collaboration “starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China, and the Hong Kong Monetary Authority.”

In 2022, real value transactions took place on a pilot program and were successful. This project has been coordinated with the Bank of International Settlements, and it is expected to be available by mid-2024.

Since mbridge has reached its minimum viable product stage, it is now able to invite the International community to begin interfacing onto this section of the QFS.

© Goldilocks
Crowdfund Insider

As of June 2024, the observing members to Project mBridge include: Asian Infrastructure Investment Bank, Bangko Sentral ng Pilipinas; Bank Indonesia; Bank of France; Bank of Israel; Bank of Italy; Bank of Korea; Bank of Namibia; Central Bank of Bahrain; Central Bank of Chile; Central Bank of Egypt; Central Bank of Jordan; Central Bank of Malaysia; Central Bank of Nepal; Central Bank of Norway; Central Bank of the Republic of Türkiye; European Central Bank; International Monetary Fund; Magyar Nemzeti Bank; National Bank of Cambodia; National Bank of Georgia; National Bank of Kazakhstan; New York Innovation Centre, Federal Reserve Bank of New York; Reserve Bank of Australia; South African Reserve Bank; and World Bank.   BIS   Ledger Insights   Product Plan