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Cryptocurrencies

Asian central banks trial cross-border digital currency platform

BIS hails 'successful' test of blockchain-based technology

Central banks across Asia and beyond are exploring digital versions of fiat currencies. (Source photo by AP) 

HONG KONG -- A clutch of Asian central banks is helping to pioneer a blockchain-based platform to make cross-border digital currency transfers easier as governments rush to develop virtual money.

A pilot test of the platform, called mBridge, involved central banks from Hong Kong, Thailand, China and the United Arab Emirates. It has been developed by the Bank for International Settlements, the global financial institution that works to foster cooperation and support among central banks.

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