The Monetary Authority of Singapore MAS and Banque de France BdF successfully executed a bilateral trade using CBDCs last week. The test run involved simulating cross-border transactions in multiple CBDCs m-CBDC on a common network between Singapore and France.
Elsewhere in Asia, in August 2020, the Bank of Thailand expanded the scope of its CBDC project, partnering with Siam Cement Group and Digital Ventures Co for CBDC dissemination via a two-tiered mechanism, where the bank uses intermediaries.
The advantage of a CBDC lies in its potential to simplify existing processes for payments and reduce reliance on correspondent banking networks for international exchanges. The HK...
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