TechFlow news, according to Yahoo Finance, Norman Chan, Chief Executive of the Hong Kong Monetary Authority, revealed in a recent interview that the multilateral central bank digital currency bridge (mBridge) project is expected to enter the "minimum viable product (MVP)" phase by early next year. Currently, apart from the central banks of mainland China, Hong Kong, Thailand, and the UAE, two other central banks are in discussions to join. Additionally, mBridge has 15 central banks or international organizations as observer members, with two more currently negotiating to join. Chan stated that they do not intend to expand the scale for now, preferring instead to first establish a controllable cooperative platform, work out details during the trial phase, and gradually expand the network.
Chan also noted that his recent visit to the UAE aimed to discuss solutions to key challenges in advancing mBridge to the MVP stage, making trade settlements cheaper and faster. He emphasized that the current hurdles are not technological, but rather lie in four major areas: coordinating regulatory frameworks across jurisdictions, platform governance methods, ensuring domestic currency liquidity, and safeguarding foreign currency liquidity.
