Commercial banks' multilateral central bank digital currency bridge applications continue to land

Recently, Industrial Bank of China Wenzhou Branch successfully processed cross-border RMB payment business for a local enterprise through a multilateral central bank digital currency bridge (mBridge, hereinafter referred to as "currency bridge"). This transaction is not only the first multilateral central bank digital currency bridge cross-border payment transaction in Wenzhou City, but also the largest currency bridge business in Zhejiang Province so far. Xue Hongyan, a special researcher at Su Shang Bank, told reporters that "banks play a core role in technology implementation and scenario innovation in the implementation of the currency bridge project. On the one hand, banks, as direct participants, undertake the task of building the underlying technical architecture of the currency bridge. On the other hand, banks explore diversified application scenarios, promote the practical implementation of cross-border payments in scenarios such as goods trade and service trade, verify technical feasibility, and push the currency bridge from theory to practice." (Securities Daily)