According to a pilot study conducted by the Bank for International Settlements (BIS) and four central banks transactions that take daysthanks to digital currency almost real time can be completed.
Bank for International Settlements Innovation Center; Hong Kong Monetary Authority, Bank of Thailand, Bank of China Institute of Digital Currency and United Arab Emirates Central Bank together with a multiple digital central bank coin (mCBDC) developed the prototype.
Inthanon-LionRock According to the study, which constitutes the second phase of the project, mCBDC is compatible with existing systems. in 3-5 days duration of completed transactions to 2-10 seconds; Nostro-vostro accounts, treasury and foreign exchange transactions, and regulatory compliance costs. can cut it in half.
Only the Hong Kong Monetary Authority and the Bank of Thailand participated in the first phase of Inthanon-LoinRock, and this study used R3’s blockchain platform.
In the second phase of the project ConsenSys, PwC, Forms HK cooperated with and Hyperledger Besu with Ethereum technologies were used.
Howard Lee of the Hong Kong Monetary Authority announced that they will continue to work with the BIS Innovation Center and other central banks on research for digital central bank money.
In the next phase of the project, which has grown in scale with the participation of the United Arab Emirates and Chinese central banks, “a network ready for production” prototype will be created.