The BIS announced it was abandoning Mbridge, a project aimed at using CBDCs to interconnect the financial systems of several countries, due to its potential to help BRICS nations sidestep economic sanctions. BIS Abandons Mbridge Project for Potential BRICS Sanctions-Evading Applications The Bank for International Settlements (BIS) has finally decided to abandon its participation in […]
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While conversations about ending the CBDC-enabled international settlements project have focused on its links to BRICS, Mbridge has already reached the MVP stage, and members could choose to continue it without support from the BIS. BIS Considers Ending Mbridge Project, BRICS Countries Could Use It for Circumventing Sanctions The Bank for International Settlements (BIS) is […]
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The People’s Bank of China emphasized the Mbridge platform’s role in improving cross-border payments through the use of central bank digital currencies (CBDCs), aiming to reduce inefficiencies and avoid new barriers. The platform, which targets underserved regions like ASEAN, could reshape global finance and challenge the U.S. dollar’s dominance while requiring careful coordination to maintain […]
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Tencent, the Chinese tech giant, was revealed to be participating in the tests that the Chinese institutions have completed using Mbridge, a CBDC-enabled cross-borders settlement platform. Tencent participated through its international settlements arm Tenpay, which piloted the use case of the Chinese CBDC, the digital yuan, to settle e-commerce exports using Mbridge’s rails. Tencent Participated […]
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The Bank of Thailand might be increasing its gold reserves to power a de-dollarized trading system, according to Jan Nieuwenhuijs, a gold market analyst. Nieuwenhuijs states that the Bank of Thailand’s constant gold purchases might indicate the nation is preparing to address the possible trade imbalances derived from using Mbridge, a CBDC cross-border settlement project. […]
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Anatoly Aksakov, Chairman of the Russian State Duma Financial Markets Committee, has predicted that international trade will migrate to CBDC for settlements during the next five years. Aksakov stressed that not many countries have made progress using these digital currencies, but he believes this will be addressed soon. Russian State Duma Official Bets on National […]
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Project Mbridge, the cross-border central bank digital currency (CBDC) project that seeks to integrate several currencies into a global network, has reached its minimum viable product stage. This means that each one of the participant central banks has deployed a validating node in the network, that is ready to perform real-value transactions CBDC Project Mbridge […]
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As Project mBridge enters its MVP phase, BIS is inviting private sector firms to propose new solutions and use cases to further develop and showcase the platform’s potential.
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SWIFT, the network that provides the messaging system for cross-border banking settlements, has announced plans to launch a CBDC equivalent of its current network in the next two years. The organization recently completed a 6-month test to assess the viability of such a development, which included the participation of 38 institutions, including central banks and […]
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The central bank of Thailand is not going to rush with the launch of its digital currency as it’s not yet sure about the benefits it would bring. According to the head of the monetary authority, the development of the state-issued coin may take several years. Thailand’s Central Bank Wants to Better Understand Risks of […]
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