{"id":5126,"date":"2024-11-04T11:35:53","date_gmt":"2024-11-04T09:35:53","guid":{"rendered":"https:\/\/www.dhcab.com\/?p=5126"},"modified":"2024-11-04T11:35:53","modified_gmt":"2024-11-04T09:35:53","slug":"live-from-the-field-8","status":"publish","type":"post","link":"https:\/\/www.dhcab.com\/?p=5126","title":{"rendered":"Live From The Field"},"content":{"rendered":"<div class=\"postie-post\">\n<div>\n<div dir=\"auto\">\ud83d\udd39The Bank for International Settlements (BIS) \ud83c\udde8\ud83c\uddedplans to quit a cross-border payment system project after Russian \ud83c\uddf7\ud83c\uddfa President Vladimir Putin mentions it as a key tool in global de-dollarization efforts. After years of development, Western Central Banks wants to prevent such a project from being utilized by BRICS countries.<\/p>\n<p>\ud83d\udd39The BIS will quit Project mBridge, (a wholesale central bank digital currencies (CBDC)) bridge Innovation Hub it has helped develop since 2021. With Project mBridge, cross-border payment steps can be significantly reduced by allowing direct, bilateral connectivity between the payee\u2019s and payer\u2019s local banks supported by interoperability with participants\u2019 domestic payment systems. <\/p>\n<p>\ud83d\udd39BRICS member countries see the system as a means of reducing their reliance on the U.S.-dominated financial system while minimizing the effects of potential U.S. sanctions. Project mBridge, is a collaboration launched in 2021 between the BIS and the central banks of China \ud83c\udde8\ud83c\uddf3, Hong Kong \ud83c\udded\ud83c\uddf0, Thailand \ud83c\uddf9\ud83c\uddedand the United Arab Emirates \ud83c\udde6\ud83c\uddea, then joined by the Saudi Arabian \ud83c\uddf8\ud83c\udde6central bank in June. It also has many more observing members.<\/p>\n<p>\ud83d\udd39The experimental platform developed for Project mBridge is a purpose-developed permissioned distributed ledger technology (DLT)\u00a0 that supports instant peer-to-peer and atomic cross-border\u00a0 payments and FX transactions.<\/p>\n<p>\ud83d\udd39Each participant on the Project mBridge platform achieves full control over its infrastructure and operations. The core component is the mBL node, which is the DLT node used in the peer-to-peer network. Central banks\u2019 mBL nodes are validator nodes that take part in the consensus protocol. Meanwhile, commercial bank nodes are ordinary mBL nodes that share the same capabilities as central bank nodes, but do not take part in the consensus mechanism.<\/p><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udd39The Bank for International Settlements (BIS) \ud83c\udde8\ud83c\uddedplans to quit a cross-border payment system project after Russian \ud83c\uddf7\ud83c\uddfa President Vladimir Putin mentions it as a key tool in global de-dollarization efforts. After years of development, Western Central Banks wants to prevent such a project from being utilized by BRICS countries. \ud83d\udd39The BIS will quit Project mBridge, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-5126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-issues"],"_links":{"self":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/5126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5126"}],"version-history":[{"count":0,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/posts\/5126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=\/wp\/v2\/media\/5127"}],"wp:attachment":[{"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dhcab.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}