The mBridge project utilizes decentralized ledger technology to facilitate quicker payments that bypass intermediary banks, thus potentially revolutionizing international payments.
Concerns in Washington stem from discussions about an alternative international payments system, particularly in light of comments made by Vladimir Putin regarding BRICS-led frameworks.
With support from the central banks of China, UAE, Thailand, and Hong Kong, and a recent addition of Saudi Arabia, mBridge aims to enhance the efficiency of cross-border transactions.
Despite reaching its minimum viable product stage, discussions about mBridge's future at the BIS meeting cast uncertainty over its continued development amid geopolitical tensions.
#international-payments #decentralized-ledger-technology #mbridge #swift-alternatives #geopolitical-concerns
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