CandleFocus BIS Exits from China Backed mBridge CBDC Project After BRICS Summit
2024-11-08
Author: Content Editor
The Bank for International Settlements (BIS) has decided to exit the mBridge cross-border payments project, a central bank digital currency (CBDC) initiative in which China has been a technology contributor. The move aligns with rising geopolitical tensions and discussions at the BRICS Summit on alternative payment systems. BIS General Manager, Agustín Carstens, clarified that the decision reflects project progress rather than political issues. mBridge, a blockchain platform, aims to speed up and increase transparency in cross-border payments. BIS's departure raises questions about China's increasing influence over mBridge and the potential reduction of oversight by Western central banks. However, participating central banks will continue developing the project independently.
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