Mu Changchun, director of the Digital Currency Research Institute of the People's Bank of China, said today at the 2022 Hong Kong Fintech Week that the multilateral central bank Digital Currency Bridge project uses fintech tools to fully reuse existing infrastructure and realize connectivity between different central bank digital currency systems and traditional financial market infrastructure.
According to Mu Changchun, the application of the central bank's digital currency in cross-border scenarios needs to consider different regulatory requirements and the heterogeneity of technical standards in different jurisdictions.
The Currency Bridge has an infrastructure docking module established at the beginning of the business design, which is compatible with a variety of docking modes, including the fact that both cross-border receivers and payers have their own CBDC systems, or that one of them has not yet built a legal tender digital currency (CBDC) system.
Therefore, having a national central bank digital currency system is not a prerequisite for participating in the Currency Bridge project.
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