Central and commercial banks from Asia participated in a trial of a blockchain-based platform for trans-border transfers of Central Bank Digital Currencies (CBDCs), Nikkei Asia reported, citing a report released by the Bank for International Settlements (BIS).
Central banks from Hong Kong, Thailand, China and the United Arab Emirates issued CBDCs worth $12 million on BIS’ mBridge platform to test international transfers to and from commercial banks and foreign exchanges. Participating commercial banks included HSBC, Bangkok Bank and First Abu Dhabi Bank.
The trial follows increasing moves towards the adoption of CBDCs, with China looking to broaden its e-yuan pilot and major Asian economies like Japan and India looking to develop their own virtual currencies.
Read the full report: Nikkei Asia.