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China Central Bankers say joint mBridge project requires mutual trust

Author: Content Editor
The deputy governor of China's central bank, Lu Lei, has stated that countries participating in the development of the central bank digital currency platform mBridge must respect each other's monetary regulations for the project to be successful. The mBridge project, also known as Money Bridge, is a cross-border central bank digital currency (CBDC) initiative involving the central banks of China, Hong Kong, Thailand, and the United Arab Emirates. Lu emphasized the importance of reducing barriers to cross-border payments and avoiding the introduction of additional costs, while also addressing issues such as cross-border e-commerce payments and remittance. The project is expected to strengthen collaborations within the ASEAN and Belt and Road Initiative. The former governor of China's central bank, Zhou Xiaochuan, noted that the impact of mBridge on the dominance of the US dollar will depend on US government policies. It was also revealed that mBridge had completed the testing phase in November 2023.

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