Hong Kong, UAE and Thailand to launch joint CBDC projects by 2024
The Hong Kong Monetary Authority (HKMA) works on two CBDC-related project s, MBridge and e-HKD. The central banks of Hong Kong, China, Thailand, and the United Arab Emirates, along with HMKA, are working on developing mBridge, a cross-border central bank digital currency (CBDC) initiative. It is expected that the project will be launched by mid-2024. The initiative could bring an alternative to Swift’s dominant payment infrastructure by bringing a precedent for further payment fragmentation across other regions. You might also like: HKMA chief executive talks crypto regulation MBridge is coordinated under the Bank for International Settlements (BIS). The project will have the participation of different significant companies such as Tencent, the owner of WeChat Pay, and the WeChat app. HKMA is also working on another CBDC-related project known as e-HKD. Digital currency has shown different use cases, such as payment, deposits, and investment scenarios. Eddie Yue Wai-ma...