In recent weeks, the BRICS summit in Kazan grabbed headlines worldwide as emerging economies looked for ways to reshape global power. Yet, as all eyes were on Russia, something even more significant was happening across the world in Washington, D.C. At the quiet annual meetings of the International Monetary Fund (IMF) and World Bank, a hidden decision may have been made—one that could shake up the global financial system even more than anything discussed at the BRICS summit.
At the center of this potential shift is mBridge, a new pilot program sponsored by the Bank for International Settlements (BIS), sometimes called "the central bank for central banks." mBridge allows countries to trade with each other directly, using their own digital currencies, called CBDCs (central bank digital currencies). This means countries wouldn’t have to use the US dollar for international transactions, nor would they rely on the current SWIFT system, the global financial messaging network that the...
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