China Unveils 'Money Bridge': A Blockchain-Based Framework for Secure Cross-Border CBDC Transactions

A Chinese official has disclosed specifics about their blockchain mechanism for the "Currency Bridge," which facilitates seamless cross-border transactions and concurrent foreign exchange settlements.



At the FinTech Symposium, held as part of Hong Kong’s Science and Technology Week, Mu Changchun, the head of the Digital Currency Institute at the People’s Bank of China, presented updates on the technical structure and privacy strategies of their central bank digital currency (CBDC) initiative, referred to as the ‘Money Bridge.’



This 'Money Bridge' initiative will operate on a custom-built blockchain known as the mBridge Ledger (mBL), designed specifically for the project. The mBL will provide key features like concurrent settlement of payments and foreign exchange, management of digital wallets, and privacy protection.



The mBrid


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