A China Central Bank official shared details of a blockchain project developed in international cooperation.
Mu Changchun, director of the Digital Currency Research Institute at the People’s Bank of China. mBridge He gave a few details about the blockchain developed for his project.
In this blockchain, which is at the center of the project, atomic payments can be made, currency exchange can be made synchronously, digital wallets can be managed and The confidentiality of transactions is protected.
The MBridge project was created to design a common platform where multiple central bank digital currencies (CBDCs) can be used simultaneously in cross-border payments. The central banks of Hong Kong, the United Arab Emirates, China and Thailand are among the founding members of the project.
More than 15 central banks, including the Central Bank of the Republic of Turkey, participated in the project. observer He was involved in his capacity.
Within the scope of the project, 20 banks from four countries participated in the pilot study held last year. Meanwhile, more than 160 transactions were made with a total value exceeding $20 million.
According to the statement made by Mu Changchun, the central banks participating in the project can examine and test the code written for mBridge in an open source manner.
Central banks manage their own nodes on the blockchain and transaction record Sensitive data such as these are kept in each central bank’s own node to ensure confidentiality.
According to the example given by Mu Changchun, when the United Arab Emirates makes a payment via e-HKD to a private bank in Hong Kong, it details the transaction. only the payer and receiver can see.