CandleFocus BIS mulls ending mBridge pilot touted by Putin as dollar alternative: report
2024-10-29
Author: Content Editor
The Bank for International Settlements (BIS) is considering ending its mBridge cross-border payments project, which was seen by Russian President Vladimir Putin as a way to bypass US sanctions. Discussions on the future of the project took place during the recent IMF and World Bank meetings. The mBridge project was designed to enable direct digital transfers between central banks, reducing reliance on US financial institutions. If the BIS withdraws from the project, some participating central banks may continue independently, although there are concerns about China's influential role in the platform's development.
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