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<ul><li>People&#39;s Bank of China executive unveils China&#39;s Digital Currency Bridge project that powers China&#39;s Cross-Border Payments.</li><li>The Multilateral Central Bank Digital Currency Bridge is a joint initiative by China, Hong Kong, Thailand, and the UAE</li><li>Currency Bridge ensures secure transactions and uses a Byzantine Fault-Tolerant Algorithm to enhance protocol performance and efficiency</li></ul>Mu Changchun, the director of the Digital Currency Research Institute of the People&#39;s Bank of China, revealed key aspects of the technical and privacy architecture of the central bank&#39;s digital currency bridge project at the China Hong Kong Technology Week Currency Bridge Symposium on November 2nd.Despite the <a href="https://cryptotale.org/china-central-bank-former-executive-explains-why-the-country-banned-crypto/" rel="noopener noreferrer nofollow">crypto ban in China</a>, the country strives to adopt blockchain technology for seamless transactions. Mu Changchun stated that a dedicated technical system had been established for the Currency Bridge platform, with blockchain technology at its core called the Currency Bridge Blockchain (mBridge Ledger or mBL). This blockchain supports atomic payments, foreign exchange synchronized settlement, wallet management, privacy protection control, and more.According to the <a href="https://finance.eastmoney.com/a/202311022892634719.html" rel="noopener noreferrer nofollow">source</a>, in February 2021, the Digital Currency Research Institute of the People&#39;s Bank of China collaborated with the Hong Kong Monetary Authority, the Central Bank of Thailand, and the Central Bank of the UAE to initiate a project called the Multilateral Central Bank Digital Currency Bridge. The project aimed to facilitate cross-border payments and foreign exchange settlement transactions.From August to September 2022, 20 commercial banks from four countries and regions successfully completed the first real transaction pilot of the Currency Bridge project, with support from the Innovation Center of the Bank for International Settlements (Hong Kong). During this period, there were 164 cross-border payments and foreign exchange synchronized settlement transactions, with a settlement amount exceeding 150 million yuan. Digital yuan transactions accounted for 46.6%, and they mainly covered cross-border trade, cross-border remittances, and interbank transactions.Read full artic<a href="https://cryptotale.org/chinas-central-bank-unveils-blockchain-for-currency-bridge/" rel="noopener noreferrer nofollow">le at CryptoTale.</a>

China's Central Bank Unveils Blockchain for Currency Bridge

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