Project mBridge reaches MVP stage

The Hong Kong Monetary Authority (HKMA), together with the rest of the mBridge project team, announced on 5th June that Project mBridge has reached the Minimum Viable Product (MVP) stage. Project mBridge aims to study how central bank digital currencies (CBDCs) and innovative solutions can be applied to solve the key pain points in cross-border payments.  Leveraging the feedback and learnings from the pilot conducted in 2022, the project team has continued to develop and enhance the prototype platform in various areas, including technology, legal and governance.  In particular, the four founding central banking institutions have each deployed a validating node in their own jurisdictions.  In addition, together with the BIS Innovation Hub, a fit-for-purpose governance framework and comprehensive legal framework, including a rulebook, have been formulated, with a view to matching the unique decentralised nature of the platform.  Meanwhile, participating commercial banks in the four jurisdictions have used the MVP platform to conduct real-value transactions in preparation for the MVP release. Resources: Hong Kong Monetary Authority – Project mBridge reaches MVP stage (hkma.gov.hk)