Asian banks test cross-border CBDC transfers on blockchain

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.

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Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at [email protected]