The central banks of China, Hong Kong, Thailand and the United Arab Emirates have completed a cross-border digital currency trial co-ordinated by the Bank for International Settlements.

The central bank digital currency (CBDC) trial ran from August 15 to September 23. It used the mBridge platform, the BIS’s prototype cross-border payments system.

The participants executed 150 cross-border payments and foreign exchange transactions totalling $22 million, said the South China Morning Post, which