{"id":181807,"date":"2023-09-25T21:40:05","date_gmt":"2023-09-25T21:40:05","guid":{"rendered":"https:\/\/precoinnews.com\/?p=181807"},"modified":"2023-09-25T21:40:05","modified_gmt":"2023-09-25T21:40:05","slug":"mbridge-cbdc-project-preparing-for-new-members-launch-of-minimum-viable-product","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/mbridge-cbdc-project-preparing-for-new-members-launch-of-minimum-viable-product\/","title":{"rendered":"mBridge CBDC project preparing for new members, launch of minimum viable product"},"content":{"rendered":"

Project mBridge may soon see significant expansion, according to Hong Kong Monetary Authority (HKMA) CEO Eddie Yue. He outlined the plans for the central bank digital currency (CBDC) project in a speech in Shanghai.<\/p>\n

Yue said tests have shown mBridge to provide faster, cheaper, more transparent cross-border payments. The project was initiated in 2021 with the participation of the HKMA and the central banks of China, Thailand and the United Arab Emirates, as well as commercial banks from each of those jurisdictions and the Bank for International Settlements Innovation Hub.<\/p>\n

Now, mBridge will expand and be commercialized. Yue said:<\/p>\n

\u201cWe are expecting to welcome more fellow central banks to join this open platform. And very soon we will launch what we call a minimum viable product, with the aim of paving the way for the gradual commercialisation of mBridge.\u201d<\/p><\/blockquote>\n

Central banking officials connected with the project have said previously that a central bank does not have to have its own CBDC to participate. All of the current participants have CBDCs at the stage of pilot projects. The only countries that have launched CBDCs are the Bahamas, Jamaica and Nigeria, according to CBDC Tracker.<\/p>\n

Related: Digital yuan app adds prepaid Mastercard, Visa top-ups for tourists<\/em><\/strong><\/p>\n

MBridge\u2019s progress has already been noticed in the United States Congress. Ranking member of the House Financial Services Committee Maxine Waters expressed her concern during the markup of Representative Tom Emmer\u2019s CBDC Anti-Surveillance State Act on Sept. 20 that the project could be leveraged to evade economic sanctions. The key to effective sanctions evasion by CBDCs is adoption, experts say.<\/p>\n

<\/p>\n

MBridge is the only international CBDC project China has taken part in. Its digital yuan is by far the world\u2019s largest CBDC pilot, and the People\u2019s Bank of China has made several deals with international companies and commercial banks to further the adoption of the digital yuan. Thus, BNP Paribas China and DBS Bank China have made integrations with the digital yuan available to their corporate clients in 2023. <\/p>\n

Magazine: Real reason for China\u2019s war on crypto, 3AC judge\u2019s embarrassing mistake: Asia Express<\/em><\/strong><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Project mBridge may soon see significant expansion,<\/p>\n","protected":false},"author":3,"featured_media":181806,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nmBridge CBDC project preparing for new members, launch of minimum viable product - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/mbridge-cbdc-project-preparing-for-new-members-launch-of-minimum-viable-product\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"mBridge CBDC project preparing for new members, launch of minimum viable product - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Project mBridge may soon see significant expansion,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/mbridge-cbdc-project-preparing-for-new-members-launch-of-minimum-viable-product\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-25T21:40:05+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/09\/mBridge-CBDC-project-preparing-for-new-members-launch-of-minimum-viable-product.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/mbridge-cbdc-project-preparing-for-new-members-launch-of-minimum-viable-product\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/mbridge-cbdc-project-preparing-for-new-members-launch-of-minimum-viable-product\/\",\"name\":\"mBridge CBDC project preparing for new members, launch of minimum viable product - 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