mBridge project involved the development of prototype of multiple central bank digital currencies (mCBDCs) by the monetary authorities in Hong Kong, Thailand, China and the United Arab Emirates. The project was backed by the Bank of International Settlements and the four central banks.
The cross-border experiment of digital currency usage revealed that e-cash can be result in a faster and cheaper global money transfer. It reduces time of international transfers to seconds instead of days as seen during the traditional transactions. The cost of the cross-border transactions had also been halved during the digital currency transaction. This is expected to boost trade and economic growth in the future.