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Asian Central Banks Lead in CBDC Advancements in 2024

Project mBridge, backed by several Asian central banks, has reached a MAJOR milestone with its minimum viable product. The project focuses on multi-CBDC technology for cross-border payments using the Ethereum Virtual Machine, enhancing interoperability. However, full maturity of this system is expected to take several more years.

The e-CNY, despite facing competition, is showing significant growth. By mid-2024, its transaction volume reached approximately 966.7 billion USD. Chinese authorities are linking e-CNY with Hong Kong’s Faster Payment System to boost adoption, illustrating strategic expansion efforts in the CBDC landscape.

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