BIS distances from Project mBridge amid BRICS sanctions concerns
Oct 31, 2024 · The Bank for International Settlements (BIS) has “graduated out” of Project mBridge, the wholesale central bank digital currencies (CBDCs) bridge its Innovation Hub has …
FAQs about BIS distances from Project mBridge amid BRICS sanctions concerns Coupon?
Does bis still have project Mbridge?
The Bank for International Settlements (BIS) has “graduated out” of Project mBridge, the wholesale central bank digital currencies (CBDCs) bridge its Innovation Hub has helped develop since 2021. Nonetheless, the project is many years away from becoming operational, BIS general manager Augustín Carstens said on Oct. 31. ...
What happened to the Mbridge project?
The Bank for International Settlements (BIS) announced to exit the mBridge project, a CBDC initiative in which China has been a key contributor. ...
Is Mbridge the 'BRICS bridge'?
Addressing these concerns, Carstens firmly stated, “mBridge is not the ‘BRICs bridge.'” He emphasized that the BIS operates with a commitment to global standards, ensuring none of its projects, including mBridge, can be used by any countries subject to sanctions. ...
Why did bis move to Mbridge?
Agustín Carstens, BIS General Manager, disclosed the decision at the Santander International Banking Conference, clarifying that the move reflects project progress rather than political issues or setbacks. After overseeing mBridge for four years, BIS believes that participating central banks can continue developing the project independently. ...
Could Mbridge overlap with BRICS bridge?
Given China and the UAE are BRICS members, alongside sanctioned countries Iran and Russia, the perception that mBridge could in any way overlap with BRICS Bridge put the BIS in a tricky position. Talking today at the Santander International Banking Conference, Mr Carstens addressed the issue head on. ...
Why is the bank of International Settlements exiting project Mbridge?
The Bank for International Settlements is exiting Project mBridge, a CBDC bridge that is facing scrutiny over potential sanction evasion while reaffirming its commitment to Project Agora, which retains correspondent banking controls. ...
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