The central banks of China and the United Arab Emirates are joining their counterparts in Thailand and Hong Kong on a CBDC project investigating cross-border foreign currency payments.
The Multiple CBDC (m-CBDC) project will see a proof-of-concept prototype developed designed to support real-time cross-border foreign exchange payment-versus-payment transactions in multiple jurisdictions, operating 24/7.
It will analyse business use cases in a cross-border context with both domestic and foreign currencies.
The project was first developed by the Hong Kong Monetary Authority and the Bank of Thailand and is being run with the BIS Innovation Hub in Hong Kong.