BIS Debates Ending Project Eyed by Putin to Undermine Dollar

[electronicash]

The bank for international settlements is debating whether to shut down a pilot crossborder payments platform after Russia's President Vladimir Putin identified the underlying technology as a tool to circumvent sanctions and to potentially undermine the Dollar's dominance in the Global Financial system.

https://www.bloomberg.com/news/articles/2024-10-28/bis-debates-ending-project-eyed-by-putin-to-undermine-dollar
https://crypto.news/bis-mulls-ending-mbridge-pilot-touted-by-putin-as-dollar-alternative-report/

mBridge is suppose to make every country boost their economy since it will allow developing countries to trade using their local currencies which is why it is supported by lots off countries across the globe.

BIS formerly tried to work with mbridge project but when this blockchain base project that will allow multicurrency transaction which every country will have its chance to make transactions to whichever country they choose with their own currency, the BIS is now trying to shut it down claiming Putin is the sole beneficiary of this project.

BIS is on Switzerland that is supposedly a neutral country but its now choosing to abandon neutrality. to which they say they can not work on countries that are sanctioned.
State Department spokesman Vedant Patel said that undermining the role of the dollar and developing alternatives to SWIFT is a direct threat to democracy in the world

And then they added:

Adding to the concerns of Western policy makers is the fact that China supplied the platform's key technological backbone according to one senior policy maker allowing China to have the upper hand in the development of such a delicate project was a mistake other officials confirmed the discussions highlighting the importance of choosing carefully which nations are allowed to lead changes to the Global Financial Plumbing.

they still wanted to divide the world as if countries should just stay with the current financial system. and not the multi-currency financial settlement system that can be used by the global majority.

[Zed0X]

Discussions about whether to shut down the project took place last week during the IMF and World Bank annual meetings in Washington, sources indicated.

LOL why is this a surprise even at this point? It should be obvious by now that countries affected by sanctions or are tired of relying heavily on the USD for international settlements would want an alternative.

Russia, China, and other BRICS member countries probably expected this already. I won't be surprised if they already started developing a multi-currency payment platform.