The BIS has withdrawn from the Mbridge project, a CBDC initiative, over concerns it could aid BRICS nations in evading economic sanctions.
The BIS is contemplating ending the Mbridge project due to BRICS ties, but the project may proceed independently as it's already at the MVP stage.
Mbridge platform by China aims to enhance cross-border payments using CBDCs, potentially challenging the US dollar's dominance. Targeting underserved regions like ASEAN, it could reshape global finance but requires careful coordination to avoid new barriers.
Saudi Arabia is challenging the US Dollar's dominance, potentially impacting US hegemony through its actions and the mBridge project.
Tencent tests the use of digital yuan and Mbridge for e-commerce export settlements. The Chinese company participated through Tenpay, its international settlements arm, using Mbridge's CBDC-enabled cross-border settlement platform.
Saudi Arabia has joined the mBridge project, potentially reforming international oil trade payments and reducing reliance on the US Dollar for transactions with China.
Project Mbridge, a cross-border CBDC initiative, has achieved its minimum viable product stage with central banks deploying validating nodes for real-value transactions.