According to Forkast, Bank of Thailand official Vachira Arromdee said on Tuesday the four countries participating in the multinational central bank digital currency (CBDC) have agreed to end the use case of paying foreign CBDC domestically.

Paying foreign currency through mBridge domestically can have “crazy substitution effects” on the monetary policy, said the Executive Advisor of Bank of Thailand’s CBDC Projects at a panel of the Hong Kong Fintech Week.

The mBridge, or mCBDC, is a collaborative CBDC project between the HKMA and the central banks of Thailand, China, the United Arab Emirates and the BIS to facilitate multi-currency cross-border payments.