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Rich Turrin

Rich Turrin

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CGTN Interview: Connecting China’s Central Bank Digital Currency with Thailand and UAE’s

March 4, 2021 by Rich Turrin

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:

  1. Interoperability makes for free and immediate cash transfer. The utopian dream realized?
  2. UAE and Thailand are both BRI countries and already trade in RMB
  3. Network is DLT so blockchain fans rejoice
  4. Signals the end of bank cash transfer revenue
  5. Is Hong Kong the new international transfer center for China’s CBDC?
  6. RMB internationalization continues. No SWIFT no $US in use.
  7. 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?

 

https://richturrin.com/wp-content/uploads/2021/03/CGTN-m-CBDC-Bridge.mp4

 

 

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Rich Turrin

About Rich Turrin

Rich Turrin is the international best-selling author of “Cashless – China’s Digital Currency Revolution” and “Innovation Lab Excellence.” He is an Onalytica Top 100 Fintech Influencer and an award-winning executive previously heading fintech teams at IBM following a twenty-year career in investment banking. Rich is a leading media commentator and advisor on China’s digital currency and tech scene. Living in Shanghai for more than a decade, Rich experienced China going cashless first-hand.

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