BIS Asks Banks to Join China-Backed Digital Cash-Sending Project

The Bank for International Settlements’s mBridge project — a digital platform to send money across borders — has reached a new stage of viability.

The facility backed by Chinese, Asian and Arabic central banks is now open for commercial banks and monetary institutions to join and perform real transactions, the BIS said in a statement on Wednesday. Private companies are also invited to participate and propose enhancements.

“Various aspects of the platform will continue to be enhanced, and the participation of both the public and private sectors will be further widened,” the Hong Kong Monetary Authority, one of the members, ...