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BIS Drops Mbridge Project Participation: It Was ‘Not Created to Serve the BRICS’

[Nov 1 4:01 PM] 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…

BIS Considers Ending Mbridge Project Over BRICS Connections, but Is It Too Late?

[Oct 30 9:30 AM] 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…

Global Finance Faces a Shift as Mbridge Digital Currency Platform Challenges US Dollar

[Oct 24 3:30 AM] 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…

Tencent Tests Use Cases for Trading Settlements Using Digital Yuan and Mbridge

[Jun 24 10:44 PM] 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…

Analyst: Bank of Thailand Boosts Gold Reserves to Push De-Dollarized Trading System Fueled by CBDC

[Jun 18 7:34 PM] 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…

Russian State Duma Official: International CBDC Settlements to Become ‘Common Practice’ in 5 Years

[Jun 7 10:44 AM] 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…

Cross Border CBDC Project Mbridge Enters MVP Stage

[Jun 6 9:31 PM] 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…

Private firms to join global central bank CBDC project

[Jun 5 6:05 AM] As Project mBridge enters its MVP phase, the BIS is inviting private sector firms to propose new solutions and use cases to further develop and showcase the platform’s potential.

SWIFT Plans to Launch CBDC Interconnection System in Next Two Years

[Mar 29 1:21 AM] 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…

A SWIFT Shakeup: Yuan Dethrones Euro as Runner-Up in Trade Finance Markets

[Oct 20, 2023 12:00 AM] The latest report published by the Society for Worldwide Interbank Financial Telecommunications (SWIFT) has revealed that the Chinese yuan overtook the euro as the second most used currency in trade finance markets. However, the dollar is still…

Hong Kong Monetary Authority Advances e-HKD Tests, Mbridge Project

[Oct 11, 2023 5:30 AM] The Hong Kong Monetary Authority (HKMA) has recently completed a series of tests regarding the programmability of the e-HKD, the proposed Hong Kong central bank digital currency (CBDC). While still in its initial phases, the e-HKD presents…

Mbridge Project Has Observers Worried About Advances of the Digital Yuan

[Aug 15, 2023 2:30 AM] The Mbridge project, a central bank digital currency (CBDC) international payment system, is starting to worry observers. Such a system, when completed, could ostensibly allow the digital yuan to reach more countries in trade settlements, chipping…