China-dominated central bank digital currency platform touts largest transactions to date

Bank of China uses mBridge for two cross-border transfers worth more than US$1.7 billion each, as CBDC platform gathers momentum A leading Chinese bank has processed the largest cross-border transactions yet via mBridge, a multilateral central bank digital currency (CBDC) platform, marking a major milestone for the emerging payment network as well as Beijing’s global yuan ambitions. Two transactions, worth more than US$1.7 billion each, were carried out by the Bank of China’s Shenzhen and Fujian branches in June and July, respectively. They showed mBridge’s ability to support high-value cross-border settlements across different currencies and business scenarios, the lender said on Tuesday. In June, an outbound transfer of 11.3 billion yuan (US$1.7 billion) delivered same-day, full-value funds to a corporate client via the network – which comprises central banks from mainland China, Hong Kong, Macau, Saudi Arabia, United Arab Emirates (UAE) and Thailand. The following month, an inbound transaction in Hong Kong dollars moved from an overseas sender to an onshore corporate account in under 60 minutes.

Read the full article at the source →