mBridge項(xiàng)目：通過(guò)CBDC-bis連接經(jīng)濟(jì)體

ProjectmBridgerBridgeConnectingeconomiesBridgeConnectingeconomiesthroughCBDConymsandabbreviationstionCross-borderpayments4.1Thestateofcross-borderpayments4.2InternationaltradeasmBridge’sfirstbusinessusecase5.1Preparationandsetup5.2Transactiontypesandfunctionalrequirements5.3Pilotstatistics5.4Keylessons5.5Participantfeedbackhnicalplatformdesign6.1Networktopology6.2Functionalarchitecture6.3Consensusprotocol6.4Privacycontrols6.5FunctionalimplementationsPolicylegalandregulatoryconsiderations7.1Policyconsiderations7.2LegalandregulatoryconsiderationsConclusionandfutureroadmapAppendixProjectstagesAppendix:TechnicaldesignBlockchainAPIinterfaceTechnologystackPseudo-anonymouskeypairsigning2467234567914414243ridgeConnectingeconomiesthroughCBDC3mBridgepaymentandFXPvPflow44Appendix:Projectparticipantsandacknowledgements46BISInnovationHub46HongKongMonetaryAuthority46BankofThailand46DigitalCurrencyInstituteofthePeople’sBankofChina46CentralBankoftheUnitedArabEmirates47Vendors47Commercialbankpilotparticipants47Acknowledgements48portedbyBankforInternationalSettlementsAllrightsreservedBriefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.BridgeConnectingeconomiesthroughCBDC4tmBridgeexperimentswithcrossborderpaymentsusingacommonplatformedondistributedledgertechnologyDLTuponwhichmultiplecentralbankscanissueandexchangetheirrespectivecentralbankdigitalcurrencies(multi-CBDCs).ThepropositionofmBridgeisthatanefficient,low-costandcommonmulti-CBDCormcanprovideanetworkofdirectcentralbankandcommercialparticipantconnectivity,greatlyincreasingthepotentialforinternationaltradeflowsandcross-borderbusinessatlargeTotestthispropositionanewnativeblockchain–theidgeledgerwascustomdesignedanddevelopedbycentralbanksforcentralbanks,toserveasaspecialisedandflexibleplatformimplementationformulti-currencycrossborderpaymentsParticularattentionwaspaidtomodularfunctionality,scalability,andcompliancewithjurisdiction-specificpolicyandlegaluirementsregulationsandgovernanceneedsTheplatformdesignensuresthatidgeadherestothefiveoverarchingCBDCprinciplesemphasisedbytheCPMIBISInnovationHub/IMF/WorldBankreporttotheG201:donoharm,enhancingefficiency,improvingresilience,assuringcoexistenceandinteroperabilitywithnonCBDCsystemsandenhancingfinancialinclusionOverthecourseofsixweeksthemBridgeplatformwasputtothetestthroughapilotinvolvingreal-valuetransactionscentredaroundthechosenusecaseofinternationaltradeSignificantgroundworkwaslaidpriortothepilot,includingextensivecoordinationwithinandamongcentralbanksandcommercialbanks,andtailoredlegalagreementsanddressrehearsals,whichultimatelyledtoitssuccess.BetweenAugustandSeptember20commercialbanksfromHongKongSARMainlandChinatheUAEandThailandconductedpaymentandforeignexchangeFXpaymentversuspaymentPvP)transactionsonbehalfoftheirorporateclientsusingtheCBDCsissuedonthemBridgeplatformbytheirpectivecentralbanksThepilotadvancesmultiCBDCexperimentationbysettlingealvaluedirectlyontheplatformandonbehalfofcorporatecustomersOverUSmillionwasissuedontheplatformfacilitatingover0paymentandFXPvPtransactionstotallingmorethanUS$22millioninvalue.Thepilotsreal-worldsettingalsobroughttolightarangeofpolicy,legalandregulatoryconsiderationsofamultiCBDCcross-borderpaymentsplatformsuchasmBridgeExtendingaccesstocentralbankmoneydirectlytoforeignpantsandconductingtransactionsonasharedledgerrequiresfurtherexplorationofpolicydataprivacyandgovernanceconsiderations.Anew,digitalformofcurrencyandamulti-CBDCplatformalsoraisechallenginglegalquestionsthatdependoneachparticipatingjurisdiction’sstandingrulesandregulationsandrequireregulatorychangestoachievefulllegalcertaintyandclarityWhilesomeoftheseconsiderationscanbeaddressedbytheplatformscurrentdesign,othersrequirefurtherdevelopmentandexploration.BISetal(2022).ridgeConnectingeconomiesthroughCBDC5withthelessonsfromearlierphasesoftheprojectthepilotandpolicy,legalandregulatoryanalysis,ProjectmBridgewillcontinuethetechnology-buildandtestingThisincludesimprovingonexistingfunctionalitiesandaddingnewfunctionalitiestotheplatform,asitcontinuestoprogresstowardsaminimumviableproduct(MVP)and,eventually,aproductionreadysystem.BridgeConnectingeconomiesthroughCBDC6ymsandabbreviationsUnitedArabUnitedArabEmiratesdirhamanti-moneylaunderingapplicationprogramminginterfaceByzantinefaulttoleranceBankforInternationalSettlementsBankofThailandcentralbankdigitalcurrencyCentralBankoftheUnitedArabEmiratescontinuouslinkedsettlementChineseyuancentralprocessingunitcounter-terroristfinancingdistributedledgertechnologyemergingmarketsanddevelopingeconomiesUnitedArabEmiratesdirhamCBDCChineseyuanCBDCHongKongdollarCBDCThaibahtCBDCforeignexchangegrossdomesticproductHongKongCentreHongKongdollarHongKongMonetaryAuthorityknowyourcustomermBridgeledgerminimumviableproductPeople’sBankofChinaDigitalCurrencyInstituteofthePeople’sBankofChinaproofofconceptpaymentversuspaymentreal-timegrosssettlementsoftwareasaserviceThaibahtAMLAPIFTBOTCBDCCBUAECLSCNYCPUCTFLTEMDEse-AEDe-CNYe-HKDe-THBUnitedArabUnitedArabEmiratesuseracceptancetestinguserinterfaceGDPHKCHKDHKMAKYCmBLMVPPBCPBCDCIPoCPvPRTGSSaaSTHBUAEUATridgeConnectingeconomiesthroughCBDC7TheG20hasmadeenhancingcross-borderpaymentsaglobalpriorityandhasidentifiedCBDCasapotentialwayforwardtoimprovingsuchpayments.2,3A“holygrailsolutionforcrossborderpaymentsisonewhichallowssuchpaymentstobeimmediate,cheap,universallyaccessibleandsettledinasecuresettlementmedium.4Forwholesalepaymentscentralbankmoneyisthepreferredmediumforfinancialmarketinfrastructures.5Amulti-CBDCplatformuponwhichmultiplecentralbankscanissueandexchangetheirrespectiveCBDCsisaparticularlypromisingsolutionforachievingthisvision,andmBridgeisawholesalemulti-CBDCprojectthataimstoadvancetowardsthisgoal.ItbuildsonpreviousworkdoneinInthanon-LionRockPhasesand2(BankofThailandandHongKongMonetaryAuthority(2020)andBISInnovationHubetal(2021a)).Italsoappliesthelessonslearntfromothercross-borderCBDCprojectssuchasJasper-Ubin(BankofCanadaandMonetaryAuthorityofSingapore)),Stella(EuropeanCentralBankandBankofJapan(2019)),AberSaudiCentralBankandCentralBankoftheUnitedArabEmirates(2020)),Jura(BISIHetal(2021b))andDunbar(BISIHetal(2022)).rojectmBridgeteststhehypothesisthatanefficientlowcostrealtimeandscalablecrossbordermultiCBDCarrangementcanprovideanetworkofdirectcentralbankandcommercialparticipantconnectivityandgreatlyincreasethepotentialforinternationaltradeflowsandcrossborderbusinessatlarge.MorespecificallyitseekstobuildanMVP,andmovetowardsaproductionsettingthat:iImprovessolutionsforthekeypainpointsofinternationalpayments.iiAdvancescross-bordersettlementincentralbankmoney.iii.Supportstheuseoflocalcurrenciesinglobaltransactions.ivCreatesopportunityfornewandinnovativepaymentproductsandservices.Allthewhilesafeguardingcurrencysovereigntyandmonetaryandfinancialstabilitybyappropriatelyintegratingpolicyregulatoryandlegalcompliance,andprivacyconsiderations.ToachievethismBridgeadoptsasingle-platform,direct-accessCBDCodelacommontechnicalinfrastructurehostingmultipleCBDCsonwhichlocalCross-borderpaymentsrefertopaymentsthattakeplacebetweenapayerandapayeewhoareresidentsTheyformasubsetofinternationalpayments,whichalsoincludeoffshorepaymentsanddomesticpaymentsmadeinforeigncurrency.SeeBISIH(2022).3InOctober2020,theG20endorsedaroadmaptoenhancecross-borderpayments,comprisingofthenecessaryelementsofagloballycoordinatedresponseintheformofasetof19buildingblocks(BBs).BB19,inparticular,istaskedwithfactoringaninternationaldimensionintoCBDCdesigntoexplorehowCBDCscouldpotentiallyenhancecross-borderpayments.SeeFSB(2020)andBISetal(2022).4SeeBindseilandPantelopoulos(2022)andBIS(2021).SeeCPMI-IOSCO(2012).BridgeConnectingeconomiesthroughCBDC8andforeignfinancialinstitutionscandirectlyholdandtransactinCBDCsissuedbycentralbanks,irrespectiveofjurisdiction.Theplatform’sdesignadherestofiveimportantoverarchingcriteriaforassessingcrossborderCBDCarrangementsbasedonCBDCprinciplesdevelopedinBISetal(2020)andG7(2021)–namely,donoharm,enhancingefficiency,increasingresilience,assuringcoexistenceandinteroperabilitywithnonCBDCsystemsandenhancingfinancialinclusionmBridgeusescustombuiltDLTtosupportreal-time,peer-to-peer,cross-borderpaymentandforeignexchangeFXtransactionsthroughapaymentversuspayment(PvP)arrangementusingCBDCsTherebyitofferspotentialimprovementsintermsofspeedtransparencyefficiency,resilience,access,costsandsettlement-riskreductioncomparedwiththeexistingcorrespondentbankingmodel.GivenitscommonplatformmBridgealsoachieves,bydesign,interoperabilitybetweendomestictraditionalclearingsystemsasparticipantsfrommultiplejurisdictionscandirectlyreacheachotheronasingle,integratedtechnicalplatform.8AccesstoCBDCandmodulesforconnectingtoexistingpaymentsystemscanalsofostergreaterfinancialinclusionforjurisdictionsthatareexperiencingadecreaseinactivecorrespondentbankinglinksordecreasedtransactionflows.9idgeisajointprojectbetweentheBISInnovationHubHongKongCentreHKCandfourparticipatingcentralbanksinAsiaandtheMiddleEast–theHongKongMonetaryAuthorityHKMAtheBankofThailand(BOT),theCentralBankoftheUnitedArabEmiratesCBUAE)andtheDigitalCurrencyInstituteofthePeoplesBankofChinaPBCDCIThesefiveentitiesmakeuptheSteeringCommitteeforProjectmBridgewhichischairedbytheBISInnovationHubHKCandsupportedbyfoursubcommitteesTechnologyLegal,PolicyandBusiness–chairedbythePBCDCIHKMABOTandCBUAE,respectively.SteeringCommitteemembershavedecisionmakingandvotingrightsontheprojectandjointlyleadtheplatformdesignanddevelopment.experimentationwithCBDCsbytheHKMABOTCBUAEandPBCDCIdatebackseveralyearsmBridgeinparticular,isthethirdphaseofacrossbordermultiCBDCprojectthatbeganin2019(Graph1).Thefirstphase,InthanonLionRockPhase1,waslaunchedin2019whentheHKMAandBOTjoinedtheirCBDCeffortstogethertoproduceaproofofconcept(PoC)single-corridornetworkbuiltonCorda,designedtoallowHongKongSARandThailandcommercialbankstoconductfundtransfersandFXtransactionsonapeer-to-peerbasisinHongKongdollarHKDandThaibaht(THB)wholesaleCBDCs.ThiswasfollowedbyInthanonLionRockPhase2in2020–21,duringwhichaprototypebuiltonHyperledgerBesuwasdevelopedandathirdhypotheticaljurisdictionwasadded.Asasingle-system,direct-accessCBDCmodelwithaflexiblemodularframeworktoaccommodateionsmBridgeofferspotentialbenefitsinrespectofallfivecriteriacomparedwithotherCBDCframeworks.SeeBISetal(2022)foradetaileddiscussionofthefiveoverarchingCBDCcriteriaanddifferentaccessandinteroperabilityoptionsofCBDCsystemstofacilitatecross-borderpayments.7PvPisasettlementmechanismthatensuresthatthefinaltransferofapaymentinonecurrencyoccursifrcurrenciestakesplaceSeeCommitteeonPaymentsandInfrastructure,Glossary,October2016,/cpmi/publ/d00b.htm.SeeBoaretal(2021).SeeRiceetal(2020).ridgeConnectingeconomiesthroughCBDC9TheseearlyphasesdemonstratedthepotentialofasubstantialimprovementincrossbordertransferspeedandcostcomparedwiththecorrespondentbankinglGraph1WhentheBISInnovationHubHKC,thePBCDCIandtheCBUAEjoinedinoughearlierphasesofmBridgeshowedthepotentialofusingCBDCsbuiltonDLTfordeliveringrealtimecost-effectiveandsecurecross-borderpaymentsandsettlements,movingoutofasimulatedenvironmenttoamorerealworldsettingwasneededforamultiCBDCplatformtobecomeanMVP.Asaresult,anew,fit-for-purposeprivatepermissionedblockchainwasdevelopedthemBridgeledger–builtbycentralbanks,forcentralbanks.12Specialattentionwaspaidtomodularfunctionality,scalabilityandcompliancewithjurisdictionspecificpolicyandlegalrequirements,regulationsandgovernanceneeds.Tomaximisethevaluetothecentralbankingcommunityandprojecttransparencyothercentralbankswereinvitedtojointheprojectasobservers.TodateProjectmBridgehaswelcomedobservingmembersfromaroundtheworldincludingBangkoSentralngPilipinas,BankIndonesia,BankNegaraMalaysia,BankofIsrael,BankofKorea,SverigesRiksbank,andstaffoftheEurosystemCentreofthetartingfromideationtowhenitisbroughttoproductioncomprisingofPoC,prototype,pilotandMVP;theboundariesbetweeneachphaseareoftenfluidandsubjectivewithsubtledifferences.Formoredetails,seeGiblinetal(2021)andtheappendixonprojectstages.11SeeBankofThailandandHongKongMonetaryAuthority(2020)andBISInnovationHubetal(2021a)forthedetailedcentralbankjourneysandprojectoverviewofPhases1and2.12ThisdistinguishesmBridgefromothermulti-CBDCprojects,inwhichtheunderlyingtechnologywasbuiltbynoncentralbankentities.BridgeConnectingeconomiesthroughCBDCnnovationHubandoftheNewYorkInnovationCentreattheFederalReservekofNewYorkCross-borderpaymentsecadeshavewitnessedrapidgrowthinglobaleconomicintegrationAtthesametimethesystemofcross-borderfinancialflowsunderpinningthisintegrationhasnotkeptpace.13Cross-borderpaymentsaretypicallymadethroughaglobalnetworkofcorrespondentbanksinvolvingmultipleintermediariesthatarefragmentedacrossdifferenttimezonesandoperatinghours.Inaddition,thecurrentcorrespondingbankingnetworkhasyettocoversomelessdevelopedmarkets.Whilecorrespondentbanksplayacriticalroleincross-borderpayments,duetoduplicatedprocessesandstepsinthecorrespondentbankingchain,cross-borderpaymentsexhibithighcosts,lowspeed,operationalcomplexities,limitedaccessandlowtransparencyTheseinefficienciesalsointroducesettlementriskintothesystem,tothedetrimentofbothfinancialintermediariesandendusers.thebulkofsettlementincorrespondentbankingoccursincommercialbankcredit,representingaliabilityofthecommercialbank.Assuch,itcarriestheassociatedcreditandliquidityriskswheresettlementfundsmaynotbeavailableintheeventofilliquidityorinsolvency.Althoughtheforegoingriskrarelymaterialisesitbecomessignificantwhenaggregatedoverlargevaluesandlongsettlementperiods.Settlementincentralbankmoney,thesafestsettlementasset,eliminatesthisrisk;however,itistypicallyrestrictedtointerbankdomesticpaymentsonaccess-controlledcentralbankreal-timegrosssettlement(RTGS)systems.14OneexceptionisContinuousLinkedSettlement(CLS),aspecialistinstitutionthatsettlesFXtransactionsonaPvPbasisandmaintainsanaccountateachofthecentralbankswhosecurrenciesitsettles;however,todateonlyalimitednumberofcurrenciesaresupported.15Thecostsassociatedwiththecorrespondentbankingmodelaresubstantialprivatesectorestimatessuggestthat,in2020,fornearly$23.5trillionincross-bordertransactionsflows,transactionchargesamountedtoaround0.5%,orapproximatelybillion(excludingFXcosts),16roughlyequivalenttothenominalGDPofMorocco.Furthermore,adversesecondaryeffectsnotcapturedinthisfigure,suchassettlementdelaysandrisks,likelyamounttofargreatercosts.Innovationinthepaymentsspacehasbeenconcentratedmostlyinthedomesticarena,withcross-borderpaymentsoftenleftonthesidelines.Whileincumbentpaymentprovidersandprivatesectorplayershavepursuedvariousinitiativestoalleviatelongstandingchallengesininternationalpayments(SWIFTglobalexamples),theyarelimitedinscopeandhighoperationalcostspersist.14SeeCasuandWandhofer(2017),BoardofGovernorsoftheFederalReserveSystem(2022)andBechetal20).SeeCPMI(2012)andBankofInternationalSettlements,BISQuarterlyReview,December2019.SeeOliverWymanandJPMorgan(2021).ridgeConnectingeconomiesthroughCBDCThistraditionalmodelofcross-borderpaymentspresentsevenmorechallengesforemergingmarketanddevelopingeconomies(EMDEs).BanksstartedparingbacktheircorrespondentnetworksandservicesaftertheGreatFinancialCrisis,withsmallereconomieslikelyexperiencingagreaterdecline,leavingmanywithoutsufficientoraffordableaccesstotheglobalfinancialsystem.17Furthermore,cross-bordertransactionsareoftensettledinahandfulofdominantcurrenciesandFXtradinginvolvingnon-dominantcurrencypairsremainslimited.18ThisexposesEMDEstospillovereffectsfromthemonetarypoliciesofjurisdictionsfromwhichtheforeigncurrencyoriginates,aswellasassociatedfinancialstabilityrisks,suchascreditcycles.ThelimitedinternationalroleofmanylocalEMDEcurrenciesalsoraisestheissueofaccesstoliquidityfortheseeconomiesintimesofglobalfinancialturbulence.19lementriskhasalsoriseninrecentyearsonthebackofadecliningshareofglobalsettlementsusingPvPmechanisms,owinginparttothefactthatexistingarrangementssuchasCLSdonotsupportmanyEMDEcurrenciesinwhichtradingvolumeshaveincreasedsubstantiallyGraph).20Byprovidingasharedplatformonwhichparticipantscanconductpeer-to-peerpaymentsdirectlyinthesafetyoftheCBDCsofmultiplejurisdictions,mBridgehasthepotentialtoalleviatemanyoftheaforementionedchallengesininternationalpayments,extendPvPprotectiontocurrenciesbeyondthosecoveredbyexistingsystemsandsupporttheuseoflocalcurrenciesincross-bordersettlement.FXsettlementrisk:increasingandglobalGraph2settlementmethodsttlementswithPvPgiblecurrencypairs1“PvPsettlement"includesCLSandsettlementthroughsystemssuchasHongKong’sCHATS.2Themedianvalueisrepresentedbyahorizontallinewithofthevaluesfallingintherangeshowninthebox.Thehighestandlowestvaluesarerepresentedbytheupperandlowerendpointsoftheverticallines.Source:BechandHolden(2019).SeeRiceetal(2020).SeeBankforInternationalSettlements,/statistics/rpfx19_fx.pdf.SeeAsianDevelopmentBank(2021).20SeeBechandHolden(2019)andCPMI(2022).BridgeConnectingeconomiesthroughCBDCInternationaltradeasmBridge’sfirstbusinessusecaseothepilottheprojectteamengagedextensivelywiththeprivatesectortoidentifybusinessusecasesfortheplatformPrivatesectorparticipantscomprisingfinancialinstitutionsbankingassociationsandexchangesfromallfourparticipatingjurisdictionsidentified15potentialcross-borderusecasesinwhichmBridgecouldprovidesignificantvalueTheseincludeddiverseareasofopportunitysuchasinternationaltradesettlementremittancestokenisedbondissuanceecommerceandmoreInternationaltradesettlementwaschosenasthefirstbusinessusecasetobepilotedonmBridgegiventhesheersizeoftradevalueinthefourparticipatingjurisdictionsandtheimportanceoftradetotheregion(BoxA).22BysupportingthedevelopmentoflocalFXmarketsextendingthesafetyofcentralbankmoneytornationalsettlementsandalleviatingmanyoftheaforementionedpainpointsofcrossborderpaymentsmBridgehasthepotentialtofacilitatetradeintheregionand,inturn,supporttrade-driveneconomicgrowth.SeeBISIHetal(2021c).22Whilethisphaseoftheprojectseekstoconcretelydemonstrateinternationaltradesettlement,mBridgeholdsthepromiseofanarrayofadditionalfunctionalitiestobeexploredinfuturephases.ridgeConnectingeconomiesthroughCBDCtragrouptradebetweenMainlandChinaHongKongSARThailandandtheUAEamountedtoUS$563.6billionin2021,withimportanttradingrelationshipsbetweeneachofthefourjurisdictions(Graph3).Tradealsoplaysacrucialroleineachjurisdiction;forexample,merchandiseexportsrepresented18%,46%,93%andofGDPinforMainlandChinaThailandtheUAEandHongKongSARrespectivelyaccordingtoWorldBankdataIncludingtopplayersinglobalsupplychainsandcommoditymarketsthesefourjurisdictionsarealsoimportanttradingpartnerstotherestoftheworldTogethertheyaccountedforaroundUS$8.7trillionofmerchandisetradeinrepresenting19%ofallsuchtradeworldwide,accordingtoWorldBankdataAssuchmBridgehasthepotentialtosupportsignificantglobaltradeflowsasmorejurisdictionsjointheplatform.Tradeintheregioncontinuestobesettledpredominantlyinforeigncurrencies,despitethedeepeningintra-regionaleconomictiesandsupplychainintegrationoverrecentdecades.Localcurrenciesplaylimitedrolesininternationaltrade,owinginparttotherelativelyhightransactioncostsassociatedwithmostAsiancurrenciescomparedwiththoseofmajorcurrencies.24Thisdependenceonforeigncurrenciesforcross-borderpaymentscouldinadvertentlyimpactmonetarysovereigntythroughmonetarypolicyspilloversfromthecurrency-originatingjurisdiction,andaddsmoreintermediariesandstepstotheoverallprocess.Forexample,apaymentbetweenaThaicorporate(thepayer)importinggoodsfromaMainlandChinesecorporate(thepayee)usingaforeigncurrencyastheinvoicingcurrencywouldinvolvetheThaipayer’slocalbank,theMainlandChinesepayee’slocalbank,andthepayerandpayee’scorrespondentbanks(Graph4).AdditionalcomplexitiesareinvolvediftheThaiandMainlandChinesecorporates’banksaresmall,localbankswithnodirectcorrespondentnetwork,inwhichcaseevenmoreintermediariesandstepsarerequired.25Withmultiplebanksalongthepaymentchain,transactionfeescanbechargedandknowyourcustomer(KYC)/anti-moneylaundering(AML)/counter-terroristfinancing(CTF)checkscanbeundertakenateachbank,andnumerousbreakpointscanarise.263SeeWorldBankOpenData,/.4SeeShimizu(2019).SeeOliverWymanandJPMorgan(2021).26SeeCasuandWandhofer(2017).BridgeConnectingeconomiesthroughCBDC2021intra-grouptradeamongthefourjurisdictions(inUS$billions)Graph3TypicalcorrespondentbankingpaymentsprocessGraph4ridgeConnectingeconomiesthroughCBDCThemBridgepilotmovestheneedleinthemulti-CBDCspaceintermsofthenatureoftransactions,thenumberandvalueoftransactionsandthenumberofparticipants.Overthecourseofsixweeks,ProjectmBridgeconductedalarge-scalepilotsettlingreal-valuetransactionsinCBDCfromeachofthefourparticipatingjurisdictionsdirectlyonthemBridgeledger.Itrepresentedthelargestcross-borderCBDCpilottodate,withoverUS$12millionofCBDCsissuedontotheplatform,overUS$22millionofpaymentsandFXPvPinstantlysettledacrossborders,andthegreatestnumberofdirectpilotparticipants.Twentyoftheregion’slargestcommercialbanksparticipatedinthepilot(Graph5),settlingrealvalueonbehalfoftheircorporateclients,focusingprimarilyonsettlementforinternationaltradeaswellasbetweeninterbankgroups.Wherethepilotdiffersfromothermulti-CBDCprojectsisinthefinalsettlementofreal-valuetransactionsdirectlyontheplatform(asopposedtoonthedomesticpaymentsystems)andthefactthatitincludedpayingandreceivingbanksconductingtransactionsdirectlyonbehalfcorporateclients(asopposedtointerbanktransfers).Byprovidingasharedplatformonwhichparticipantsconductedpeer-to-peerpaymentsdirectlyinthesafetyofcentralbankmoneyacrossmultiplejurisdictions,thepilotsuccessfullydemonstratedtheplatform’sabilitytoimprovecross-borderpaymentspeedandefficiency,andtoreducesettlementrisksinareal-worldsetting.ParticipatingcommercialbanksinthepilotGraph5BridgeConnectingeconomiesthroughCBDCetupThemBridgepilotrequiredextensivecoordinationandengagementbothwithinandamongcentralbanksandcommercialbankstobesuccessfullycompleted.First,asCBDCrepresentedanewdigitalformofcentralbankmoneyinmanyoftheparticipatingjurisdictions,significantinterdepartmentalcoordinationacrossPaymentLegal,Risk,FinancialStability,MonetaryPolicyandTreasuryteams(amongothers)tookplacewithineachcentralbankandeachcommercialbanktofacilitateboththeavailabilityofCBDC(fromacentralbankperspective)andtheabilitytotransactinCBDC(fromacommercialbankperspective)overthecourseofthepilot.Second,duetothecross-bordernatureoftransactions,extensivecross-jurisdictionalsynchronisationalsotookplaceamongthefourcentralbanksand20commercialbankstoensuretheappropriateoperationalandlegaljurisdictionalrequirementsweremet.Forexample,centralbanksneededtoensuresufficientliquiditywasavailableinthelocalcurrencyfortransactionsbetweeneachjurisdictionpair,whilecommercialbanksneededtocoordinateamongeachother,aswellaswit