How does mBridge work?

eyesonmalaysia

mBridge is a multi-Central Bank Digital Currency (CBDC) platform designed to facilitate real-time, peer-to-peer cross-border payments and foreign exchange transactions using CBDCs. It operates on a blockchain called the mBridge Ledger, ensuring compliance with jurisdiction-specific policies and legal requirements. The platform is developed by a collaboration of central banks and monetary authorities, including the Hong Kong Monetary Authority, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Research Institute of the People’s Bank of China, and the BIS Innovation Hub Hong Kong Centre¹.

mBridge now invites further international participation

The mBridge project has reached its minimum viable product (MVP) stage, inviting further international participation. It aims to address inefficiencies in cross-border payments by offering instant, cost-effective, and universally accessible transactions². The platform is also compatible with the Ethereum Virtual Machine, allowing it to serve as a testbed for new technologies and use cases².