China-Led mBridge CBDC Platform Exceeds $55 Billion in Transactions
The cross-border central bank digital currency network mBridge, spearheaded by China, has reached over $55 billion in transaction volume according to Reuters.
Summary
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Terms & Concepts
CBDC (central bank digital currency): A digital form of a country's sovereign currency issued and regulated by its central bank.
mBridge: A multi-central bank project led by China aiming to facilitate cross-border payments using CBDCs.
Cross-border payments: Financial transactions where the payer and recipient are located in different countries.