Bank For International Settlements Completes Successful Pilot Of Cross-Border CBDC Platform

On October 26th the Bank for International Settlement (BIS) announced that they and four other central banks – the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China and the Central Bank of the United Arab Emirates – completed a successful trial run of the operation of central bank digital currencies (CBDCs) via commercial banks for real-value transactions across borders.

SEE: Thailand To Trial Retail CDBC By The End Of 2022

This is all part of what BIS calls Project mBridge, that saw 20 banks in total in the four different jurisdictions, make 164 payment and foreign exchange transactions valued at more than $22 million, all of which was established within the platform. This demonstration was handled by BIS’ Innovation Hub Hong Kong Centre.

The significance of such a move is crucial for the future in international banking and transacting, as this is an example of virtual central bank issued currencies that will no longer be limited to domestic transactions.

This successful operation is part of a larger agenda established by G20 nations, “to deliver faster, cheaper and safer cross-border payments and settlements,” BIS said in a press release.

BIS added: ‘Project mBridge envisions an efficient, low-cost, regulatory-compliant and scalable cross-border payment solution with CBDC at its core. The experiment was designed to operate across different jurisdictions and currencies, to explore the capabilities of distributed ledger technology and the application of CBDC in cross-border payments between commercial banks.’

Financial exclusion is not just a problem for individuals; it is also affecting economies.

This project makes important strides towards developing a platform that has the potential to foster more inclusive and efficient payments systems that will benefit those making and receiving payments in different currencies and jurisdictions as well as the overall functioning of the global financial system.

Cecilia Skingsley, Head of the BIS Innovation Hub, said

SEE: European Central Bank Partners With Amazon And Other Companies To Trial Digital Euro

These results were presented at Hong Kong Fintech week (October 31st – November 4th) along with two other projects presented by the BIS’ Innovation Hub Hong Kong Centre, which are as follows:

“Project Aurum, conducted with the Hong Kong Monetary Authority and the Applied Science and Technology Research Institute, created a prototype technology stack comprised of a wholesale interbank system and a retail e-wallet system. The system brings to life two different types of retail tokens: intermediated CBDC and CBDC-backed stablecoins. The latter is unique in the study of CBDC to date, backing the stablecoin with CBDC held in the interbank wholesale system. The source code is being made available in the BIS Open Tech platform, thus accessible to central banks exploring the best possible architecture for a retail CBDC.”

“Project Genesis 2.0 demonstrates the technical feasibility of tokenised green bonds associated with so-called carbon forwards, or mitigation outcome interests. These are digitally tracked and automatically delivered to investors, as explained in a report. Genesis 2.0 is a collaboration between the BIS Innovation Hub’s Hong Kong Centre, the Hong Kong Monetary Authority, the UN Climate Change Global Innovation Hub and private sector partners.”

Since then BIS announced earlier this week that they will be eventually performing a similar pilot program the Bank of France, Monetary Authority of Singapore and Swiss National Bank.

Jamaica Becomes First Country To Make Central Bank Digital Currency Legal Tender

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AUTHOR COMMENTARY

This is quite significant because it demonstrates just how close we are getting for the central banks, the major ones that is, from finally introducing these CBDCs and making them legal tender. And, no, this is NOT the mark of the beast – to the chagrin of the fear porn addicted false prophets – but it is certainly getting us closer to that eventuality.

[16] And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: [17] And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. [18] Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.

Revelation 13:16-18

I suspect that starting next year CBDCs will become a major talking point in mainstream media. As a matter of fact, I would not be surprised if the U.S. Federal Reserve and/or the European Central Bank (ECB) floats out their new regulated digital tender; but they will probably not mandate it at first, but simply get the broad masses used to the concept. Until then, they will incentivize the sheeple to snap up early bird offers, as economic conditions worsen rapidly.

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[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).

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