The Sibos 2024 conference at the China National Convention Center in Beijing is abuzz with excitement, particularly around Project mBridge – an innovative cross-border payment system utilizing central bank digital currencies (CBDCs).
A special panel focusing on Project mBridge drew a packed conference room with barely any standing room, highlighting the immense interest and anticipation among participants. Project mBridge aims to streamline international transactions by leveraging CBDCs, which are the digital forms of a country's fiat currency issued by central banks.
CBDCs are transforming banking systems globally, offering a secure and efficient alternative to traditional physical money. By issuing electronic coins or digital accounts backed by the government's full faith and credit, CBDCs employ cutting-edge technologies like distributed ledger technology and blockchain to enhance transparency and reduce transaction costs.
Experts at Sibos 2024 believe that Project mBridge, with its robust approach to cross-border payments, has the potential to significantly boost global trade. By simplifying the complexities of international transactions, businesses and financial institutions can achieve greater efficiency and connectivity in the global market.
Reference(s):
Sibos 2024: Project mBridge and CBDCs may boost global trade
cgtn.com
