Data crunched by the Washington-based Atlantic Council showed the prototype ‘mBridge’ (China-led digital currency platform), which is being tested by central banks in China, Hong Kong, Thailand, the United Arab Emirates and Saudi Arabia, had now processed more than 4,000 cross-border transactions, according to Reuters.
The cumulative $55.5 billion value of those payments represents a roughly 2,500-fold increase since the project’s early days of 2022, with the digital yuan estimated to now account for approximately 95% of the volume.
Recent developments point to a gradual expansion of the yuan’s internationalization through digital infrastructure. Rather than seeking to displace the dollar outright, China and its counterparts are building parallel settlement rails, the Atlantic Council’s Alisha Chhangani said, that reduce reliance on existing dollar-based systems.
„Project mBridge is unlikely to challenge dollar dominance directly, but it may incrementally erode it,” she added.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
