Possible Closure of mBridge: Concerns from the BIS

Bloomberg reports that the Bank for International Settlements (BIS) is considering the potential closure of the mBridge platform for payments in national digital currencies. This issue was raised following Russian President Vladimir Putin's proposal to create the BRICS Bridge system at the summit in Kazan, which is similar in nature to mBridge.

BIS representatives are concerned that Russian authorities might use the platform to evade international sanctions, as mBridge enables payments without relying on the US dollar.

The mBridge platform, developed with the involvement of central banks from Hong Kong, Thailand, China, and the UAE, is designed for cross-border transfers using digital currencies. While a decision on its closure has not yet been made, concerns about the potential evasion of sanctions remain significant.