The Bank for International Settlements (BIS) announced its departure from Project mBridge, a central bank digital currency (CBDC) initiative developed in partnership with the People’s Bank of China and the central banks of Hong Kong, Thailand, Saudi Arabia, and the UAE.
The project, designed to simplify cross-border payments through CBDCs, has raised concerns over potential misuse by certain nations to evade international sanctions, according to a recent Bloomberg News report.
BIS General Manager Agustín Carstens confirmed the organization’s withdrawal in an Oct. 31 speech, emphasizing that the decision to leave was not politically driven.
Carstens characterized the exit as a “graduation” for the project, indicating that Project mBridge had reached a level of maturity where the BIS’ involvement was no longer essential.
He said:
“We have contributed four years to this effort, and it has matured to the point where our partners can sustain it independently.”
Carstens added
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