HK and Thailand launch next phase of cross-border CBDC project
CBDC-based payments can cut costs and boost speed, HKMA and Bank of Thailand study shows
The monetary authorities of Hong Kong and Thailand are moving to the next phase of trialling a blockchain-based, cross-border payments network to facilitate trade settlement, after completing a study that suggests the central bank digital currency (CBDC) solution could reduce transaction costs significantly.
A distributed ledger technology-based (DLT) proof-of-concept (PoC) has been developed with 10 participating banks from both countries, Hong Kong Monetary Authority officials said during a
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