Are CBDCs the future of Central Banking?

May International

May 15, 2024, 09:07 am

Are CBDCs the future of Central Banking?

A high-level delegation from the Bangladesh Bank was recently hosted by the People's Bank of China for a bilateral discussion on central bank digital currencies (CBDCs). Project 'm-Bridge', a wholesale multi-CBDC platform developed by the Bank for International Settlements – BIS, upon which multiple central banks can issue and exchange their respective e-currencies has been of particular interest to both sides. Both parties came to the conclusion that a cross-border multi-CBDC arrangement that is effective, affordable, and scalable can offer a direct network of connectivity between central banks and commercial participants, thereby significantly enhancing the prospects for international trade flows and cross-border business.

MAY International is extremely proud to act as the bridge for this constructive (and historic) cooperation between the two central banks, that ultimatley aims to produce following results: 

i. Provides improved solutions for the key pain points of international payments.
ii. Advances cross-border settlements in central bank money.
iii. Supports the use of local currencies in international transactions.
iv. Creates opportunity for new and innovative payment products and services.