{"id":141131,"date":"2024-11-01T13:30:37","date_gmt":"2024-11-01T11:30:37","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=141131"},"modified":"2024-11-01T03:46:43","modified_gmt":"2024-11-01T01:46:43","slug":"brics-bis-distances-itself-from-cross-border-digital-currency-initiative","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/brics-bis-distances-itself-from-cross-border-digital-currency-initiative\/","title":{"rendered":"BRICS: BIS Distances Itself from Cross-Border Digital Currency Initiative"},"content":{"rendered":"

Although mBridge has reached a stage ready for private sector participation, BIS head August\u00edn Carstens indicated<\/a> <\/strong>that full operational status is still years away.<\/p>\n

Developed with the Hyperledger Foundation, Project mBridge involves central banks from China, Hong Kong, Thailand, and the UAE, with Saudi Arabia joining in June as a full member. The project currently includes over 25 observer banks, including those from China and the UAE.<\/p>\n

In a recent discussion, Carstens clarified that Project mBridge is not designed to facilitate sanctions evasion, specifically refuting suggestions that it could support BRICS nations in bypassing restrictions. He emphasized that the BIS strictly prohibits involvement with sanctioned entities.<\/p>\n