MNI BRIEF: mBridge Project To Move Forward Despite BIS Exit
MNI (BEIJING ) - Project mBridge will continue development of the multi-central bank digital currency payment system despite the departure of the Bank for International Settlements, according to a statement made by the group's steering committee on Wednesday.
The project team originally consisted of the BIS Innovation Hub Hong Kong Centre, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China, the Central Bank of the United Arab Emirates, and the Hong Kong Monetary Authority.
The remaining partners will move the project to the production stage, the statement noted, adding the handover of mBridge from the BIS to the participating central banks will not impact existing and new participating commercial banks. (See MNI INTERVIEW: China's Connect Program To Expand Capital Flows)
General Manager of BIS Agustín Carstens announced the exit last month,noting the decision was not driven by political considerations. mBridge was not created to cater to the needs of BRICs countries, he added.