The development of Project mBRIDGE was initiated by China, Hong Kong, Thailand, and the UAE in 2021 through the Bank for International Settlements (BIS) Innovation Hub. The blockchain-based infrastructure has been crucial for the development of an alternative financial system that is expected to facilitate the BRICS+ bloc’s cross-border settlements in local currencies.
Recently the BIS top executive, Augusten Carstens, announced that the BIS, “the central bank for all central banks”, can no longer work with sanctioned countries. Thus, the BIS is shutting down Project mBRIDGE.
What does the BIS move to shut down the blockchain-based project mean for the BRICS+ bloc? Will it become a major setback in its process to develop a just, alternative financial settlement platform? What role will China assume in the development of mBRIDGE and other systems designed to transact in local currencies?
I had a very interesting conversation with Dr. Warwick Powell, an Adjunct Professor at Queensland University in Australia who is working at the intersection of digital technologies, supply chains, and global political economy & governance. Warwick and I discussed the functionality of mBRIDGE and why it is a significant project for the Global South, how the BIS shutting it down will impact the BRICS’ capabilities and future plans, what Brazil’s chairmanship in 2025 will bring for the association’s future, Lula’s absence at the 2024 Annual Summit in Kazan and more!
The video interview is available on:
▪️YouTube
▪️Rumble
▪️Patreon
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