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BIS Exits from China Backed mBridge CBDC Project After BRICS Summit

Pat Crawley
Pat Crawley
45 Min Read
bis-exits-from-china-backed-mbridge-cbdc-project-after-brics-summit

Friday, 08/11/2024 | 14:37 GMT by Tareq Sikder

  • “mBridge is not the BRICS Bridge,” Agustín Carstens, BIS General Manager.
  • Launched in 2021, mBridge uses blockchain to improve speed in cross-border payments.

Bank of international settlements (BIS)

Bloomberg

The Bank for International Settlements (BIS) announced its decision to exit the mBridge cross-border payments project, a CBDC initiative in which China has been a key technology contributor.

China recently proposed open-sourcing the software, and the Bank of China (Hong Kong) integrated mBridge to enable automated corporate payments. BIS’s exit from mBridge aligns with rising geopolitical tensions and discussion at the BRICS Summit on alternative payment systems.

BIS Exits mBridge Project

Agustín Carstens, General Manager, BIS, Source: BIS

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.

“I would say that the project has been so successful that we can declare that we have graduated out,” Carstens said. He added the bank was leaving “not because it was a failure and not because of political considerations” but rather because “it is at a level where the partners can carry it on by themselves”.

‘Sanctioned’ BRICS: West Shut Down mBRIDGE But Failed to Stop the Global South

🔷 Watch the full interview: https://t.co/buobW9jZbx

The BIS top executive, Augusten Carstens, announced that “the central bank for all central banks” can no longer work with sanctioned countries.… pic.twitter.com/qDePIg4sKc

— Lena Petrova (@LenaPetrovaOnX) November 6, 2024

mBridge, a blockchain platform, was designed to speed up and increase transparency in cross-border payments using wholesale CBDCs (wCBDCs). Launched in 2021, it includes central banks from China, Hong Kong, Thailand, the United Arab Emirates, and more recently, Saudi Arabia, aiming to meet G20 goals for enhanced payment systems.

The platform reached its Minimum Viable Product stage in June 2023, though further development is required before it can be fully operational.

Meanwhile, a report published by the BIS examines the potential impact of money tokenisation on central banks, as reported by Finance Magnates. Prepared for the G20, the report highlights the benefits, such as lower costs and faster transactions, while stressing the need to address associated risks in the regulated payments sector.

Geopolitical Tensions Impact mBridge

BIS’s departure from mBridge comes amid rising geopolitical tensions around global payment systems. At the recent BRICS summit, the proposal for a BRICS Bridge payment platform hinted at an alternative to the current financial system dominated by the US dollar.

The platform’s discussion raised concerns due to the involvement of countries like Russia and Iran, both under international sanctions. During the summit in Kazan, Russia, President Vladimir Putin criticized the US for using the dollar “as a weapon” against BRICS members. China and the UAE, both involved in mBridge, attended this summit alongside Iran, the host nation.

Carstens distanced mBridge from the BRICS Bridge proposal, stating, “mBridge is not the BRICS Bridge.” He emphasized BIS’s strict policy of non-collaboration with sanctioned entities.

China’s Influence on mBridge

Despite this clarification, analysts question whether China’s influence over mBridge may increase as BIS steps back. Some suggest this could bring mBridge closer to China’s other cross-border financial efforts, such as the Cross-Border Interbank Payment System.

This shift could potentially reduce the oversight role of Western central banks, including the US Federal Reserve and the Bank of England, which previously served as observers.

Josh Lipsky from the Atlantic Council remarked that BIS’s withdrawal might signal a division in CBDC development, with payment networks increasingly reflecting geopolitical divides. He suggested Western central banks might focus on alternative platforms, such as Project Agorá, supported by central banks in Europe, Japan, Korea, and the US.

The BIS Steering Committee recognized BIS’s contribution, while the participating central banks continue advancing mBridge toward full production. The project marks a key step in digital currency development and may influence the future of cross-border payments and global finance.

The Bank for International Settlements (BIS) announced its decision to exit the mBridge cross-border payments project, a CBDC initiative in which China has been a key technology contributor.

China recently proposed open-sourcing the software, and the Bank of China (Hong Kong) integrated mBridge to enable automated corporate payments. BIS’s exit from mBridge aligns with rising geopolitical tensions and discussion at the BRICS Summit on alternative payment systems.

BIS Exits mBridge Project

Agustín Carstens, General Manager, BIS, Source: BIS

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.

“I would say that the project has been so successful that we can declare that we have graduated out,” Carstens said. He added the bank was leaving “not because it was a failure and not because of political considerations” but rather because “it is at a level where the partners can carry it on by themselves”.

‘Sanctioned’ BRICS: West Shut Down mBRIDGE But Failed to Stop the Global South

🔷 Watch the full interview: https://t.co/buobW9jZbx

The BIS top executive, Augusten Carstens, announced that “the central bank for all central banks” can no longer work with sanctioned countries.… pic.twitter.com/qDePIg4sKc

— Lena Petrova (@LenaPetrovaOnX) November 6, 2024

mBridge, a blockchain platform, was designed to speed up and increase transparency in cross-border payments using wholesale CBDCs (wCBDCs). Launched in 2021, it includes central banks from China, Hong Kong, Thailand, the United Arab Emirates, and more recently, Saudi Arabia, aiming to meet G20 goals for enhanced payment systems.

The platform reached its Minimum Viable Product stage in June 2023, though further development is required before it can be fully operational.

Meanwhile, a report published by the BIS examines the potential impact of money tokenisation on central banks, as reported by Finance Magnates. Prepared for the G20, the report highlights the benefits, such as lower costs and faster transactions, while stressing the need to address associated risks in the regulated payments sector.

Geopolitical Tensions Impact mBridge

BIS’s departure from mBridge comes amid rising geopolitical tensions around global payment systems. At the recent BRICS summit, the proposal for a BRICS Bridge payment platform hinted at an alternative to the current financial system dominated by the US dollar.

The platform’s discussion raised concerns due to the involvement of countries like Russia and Iran, both under international sanctions. During the summit in Kazan, Russia, President Vladimir Putin criticized the US for using the dollar “as a weapon” against BRICS members. China and the UAE, both involved in mBridge, attended this summit alongside Iran, the host nation.

Carstens distanced mBridge from the BRICS Bridge proposal, stating, “mBridge is not the BRICS Bridge.” He emphasized BIS’s strict policy of non-collaboration with sanctioned entities.

China’s Influence on mBridge

Despite this clarification, analysts question whether China’s influence over mBridge may increase as BIS steps back. Some suggest this could bring mBridge closer to China’s other cross-border financial efforts, such as the Cross-Border Interbank Payment System.

This shift could potentially reduce the oversight role of Western central banks, including the US Federal Reserve and the Bank of England, which previously served as observers.

Josh Lipsky from the Atlantic Council remarked that BIS’s withdrawal might signal a division in CBDC development, with payment networks increasingly reflecting geopolitical divides. He suggested Western central banks might focus on alternative platforms, such as Project Agorá, supported by central banks in Europe, Japan, Korea, and the US.

The BIS Steering Committee recognized BIS’s contribution, while the participating central banks continue advancing mBridge toward full production. The project marks a key step in digital currency development and may influence the future of cross-border payments and global finance.

Tareq Sikder
  • 1090 Articles
  • 12 Followers

A Forex technical analyst and writer who has been engaged in financial writing for 12 years.

  • 1090 Articles
  • 12 Followers

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    The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don’t miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

    The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don’t miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

    The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don’t miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

    The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don’t miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

    The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don’t miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

  • Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24

    Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24

    Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24

    Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24

    Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24

    Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24

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