The Bank for International Settlements (BIS) has left the project to develop a cross-border payment platform using the mBridge digital currency, not for political reasons. This was stated by the organization’s CEO, Agustin Carstens.
“BIS is leaving the project not because it has failed, and not for political reasons, but mainly because we have been involved in it for almost four years, and it is now at such a level that the partners can continue it themselves,” Reuters quotes him as saying.
“mBridge is not the same as the BRICS bridge, I have to say that categorically. mBridge was not created to meet the needs of the BRICS countries,” he explained. This is how Carstens answered the question about whether mBridge could become the basis for a payment system for the BRICS countries.
“At the same time, I want to say that mBridge is not a mature enough project to start working. So it will take many, many years,” added the head of the Bank for International Settlements.
Earlier, Western media reported that the BIS withdrawal from mBridge could be connected with the plans of the BRICS countries to create their own payment system based on the experience gained by the association’s members during work on this project.
The development of mBridge began in 2021 to enable fast cross-border transfers and foreign exchange transactions using digital currency. In addition to the BIS, it involves regulators from Thailand, the UAE, China, and Saudi Arabia, which only joined in June 2024, and the central bank of China’s Hong Kong.
