Explainer: The “Multiple CBDC Bridge” is the final piece of the China CBDC puzzle and brings us one step closer to free and immediate CBDC transfer.
Thank-you to CGTN’s Juliet Mann for this wonderful interview. One of the very few where I laughed out loud!
Hong Kong Monetary Authority, PBOC, Bank of Thailand and Bank of UAE and the BIS Innovation Team are building a transfer bridge for CBDCs called m-CBDC.
m-CBDC connects China’s CBDC with trial CBDCs from UAE and Thailand. Technically tricky because CBDCs all use custom CBDC tech.
Let’s break this down as to why this is important:
- Interoperability makes for free and immediate cash transfer. The utopian dream realized?
- UAE and Thailand are both BRI countries and already trade in RMB
- Network is DLT so blockchain fans rejoice
- Signals the end of bank cash transfer revenue
- Is Hong Kong the new international transfer center for China’s CBDC?
- RMB internationalization continues. No SWIFT no $US in use.
- Will m-CBDC be open to all CBDCs? Its likely, also likely there will be a US bridge vs. China bridge.
So will the DLT network run on China’s new Blockchain Service Network (BSN)? The BSN is China’s new global blockchain system that strives to provide blockchain infrastructure to the world. My bet is it will!
International transfer of China’s CBDC is taking shape.
See the plan?
