(ECNS) -- The mBridge project has reached China's first real value digital currency transaction in the minimum viable product (Pre-MVP) stage, according to the Guangdong branch of China's Industrial and Commercial Bank on Monday.
This marks a key breakthrough in the application of digital currency in the field of cross-border payment and brings new possibilities for future international trade settlement.
The m-CBDC Bridge initiative (a multi-country central bank digital currency project) is a joint cross-border payment system involving the Chinese mainland, Hong Kong, Thailand and the United Arab Emirates.
It is built based on blockchain and distributed ledger technology in cross-border trade to support real-time, peer-to-peer, cross-border payments, and foreign exchange transactions, significantly enhancing the efficiency and security of international transactions.
The successful completion of digital RMB cross-border remittance through mBridge for an enterprise in Foshan, Guangdong Province validates the feasibility and effectiveness of the project, and brings opportunities for cross-border payments in the future.
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