The Bank for International Settlements is considering shutting down mBridge

ChainCatcher news, senior banking officials and financial executives from the Bank for International Settlements (BIS) discussed the possibility of shutting down mBridge at a meeting in Washington. This discussion stemmed from concerns over remarks made by Russian President Vladimir Putin during the opening ceremony of the BRICS summit in Kazan, where he proposed the idea of establishing a BRICS-led alternative international payment system.

mBridge is a cross-border payment system operated by the central banks of China, Thailand, the UAE, and Hong Kong (Saudi Arabia joined this year as a new member), and is supported by the BIS Innovation Hub. mBridge uses distributed ledger technology to enable faster payments that bypass intermediary banks.