Central Bankers Tout mBridge Digital Currency Platform: A Trust-Centric Solution to Streamline Cross-Border Payments

Central bank officials assert that the mBridge digital currency platform, which operates across multiple countries, is valuable and worthwhile. The deputy governor of PBOC emphasizes the need to decrease new issues related to cross-border payments and eliminate current problems.

For mBridge, a platform that unifies various central bank digital currencies (CBDC), success hinges on mutual trust and respect for the legal systems of all involved parties. This viewpoint was articulated by the deputy governor of China's central bank, who emphasized the importance of these factors for effective cross-border payments.

"Lu emphasized the necessity of lessening the hurdles in cross-border payments and eliminating the current ones; at the same time, we need to be cautious not to establish new blockades while diminishing the prevalent market divisions. Moreover, we should also steer clear from adding more geopolitical and compliance expenditures as we work towards lowering the costs related to existing cross-border payments."

mBridge serves as a platform that facilitates international payments and foreign currency exchanges. It was established using digital currencies from central banks and distributed ledger technology.

Lu stated that the mBridge initiative needs to address problems or services that banks don't adequately supply, such as complicated and not overly profitable cross-border e-commerce payments and remittances. He emphasized that the project should proactively confront these critical issues because they're beneficial for human welfare, and especially useful in aiding cross-border trades.