BIS Withdraws from Project mBridge Initiative

The Bank for International Settlements (BIS) has announced its departure from Project mBridge, a cross-border payment initiative it developed alongside central banks from China, Hong Kong, Thailand, the UAE, and Saudi Arabia. General Manager Agustin Carstens clarified that the decision is not politically motivated, emphasizing that the project has reached a level of maturity where the remaining partners can proceed independently. However, he noted that mBridge is not yet ready for operational deployment and may take several more years to fully mature. Carstens also rejected suggestions that mBridge could serve as a means for BRICS countries to circumvent international sanctions, asserting that the BIS collaborates only with countries that comply with global sanctions. The BIS aims to ensure that any projects do not become conduits for sanction violations. As it steps back from mBridge, the BIS is shifting its focus to Project Agora, which retains traditional banking systems and excludes BRICS nations.