"The spirit of China is right, who knows what really happened."
In order to overcome the dominance of the United States (US) dollar in global finance, China is accelerating its efforts to develop a new platform that allows cross-border payments through digital Yuan and central bank digital currency (CBDC).
The platform called mBridge is a blockchain-based system that allows users to send and receive digital currency without third parties such as US banks or payment processors.
It is well known that mBridge has been supported by the Digital Currency Research Institute of the People's Bank of China (PBOC), which is the central bank that has successfully led the world in launching CBDC globally.
So here it can be seen that the new platform aims to allow faster, cheaper and safer transactions for CBDC or other digital assets.
Please note that mBridge uses smart contracts to automate currency exchanges and ensure compliance with anti-money laundering and counter-terrorism financing regulations.
Not only that, the mBridge platform also supports offline payments, where it can be used in areas with poor internet connection or in an emergency.
The platform has not only caught the attention of many central banks but also financial institutions around the world who are looking to explore CBDCs and shift their reserves away from the much-loved US dollar.
According to a recent report by the Bank for International Settlements (BIS), more than 80% of central banks are in the process of researching or developing the increasingly popular CBDC.
