BIS Exits Project mBridge Over Sanctions Concerns

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BIS Exits Project mBridge Over Sanctions Concerns In a significant development within the realm of central bank digital currencies (CBDCs), the Bank for International Settlements (BIS) has officially withdrawn from Project mBridge, a cross-border CBDC initiative involving China, Hong Kong, Thailand, Saudi Arabia, and the UAE.

The BIS’s decision to step back from Project mBridge is a prudent move that underscores the necessity of robust regulatory frameworks.

The project focuses on facilitating seamless transactions, reducing settlement times, and lowering transaction costs across borders by leveraging advanced blockchain technology and digital finance innovations.

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Article Details

Author / Journalist: Sonam Aggarwal

Category: Crypto

Markets: IndiaChinaHong KongSaudi ArabiaThailand

Topics: BIS Crypto News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-02 @ 03:47:30 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: bitcoinworld.co.in

Language: English

Article Length: 922 words

Reading Time: 6 minutes read

Sentences: 42 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BitcoinWorld

News ID: 23367997

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About BitcoinWorld

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Official Website: bitcoinworld.co.in

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News Last Updated: 8 hours ago

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