WASHINGTON: The Bank for International Settlements (BIS) is debating whether to shut down a pilot cross-border payments platform after Russia‘s President Vladimir Putin identified the underlying technology as a tool to circumvent sanctions and potentially undermine the US dollar’s dominance in the global financial system.
The mBridge project – which promises to allow sending money around the world without relying on US banks – was among topics discussed by central banks and finance chiefs at last week’s annual meetings of the International Monetary Fund and World Bank in Washington, according to people informed about the talks.
