BIS Reports mBridge Pilot Settling 164 Cross-Border CBDC Transactions

A BIS report published on 26 October 2022 described a six-week mBridge pilot involving 20 commercial banks in mainland China, Hong Kong, Thailand and the United Arab Emirates. The banks settled 164 payment and foreign-exchange transactions worth more than US$22 million directly on the platform. CoinDesk reported that liquidity and foreign-exchange pricing remained problems. The trial tested cross-border settlement in central bank digital currencies for commercial banks.