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China: Project Mbridge - New Payment network outside SWIFT to empower Global South

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Martin Everson

Martin Everson

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Jan 2, 2018
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Project mBridge reaches minimum viable product stage​


https://www.bis.org/about/bisih/topics/cbdc/mcbdc_bridge.htm

I think we can all work out which country is behind this P2P payment initiative with the project coming out of Hong Kong 😉 . Long term no more SWIFT hegemony and the global south will soon have an alternative coming out of the global south and not the west. Notice the support is from the BIS Innovation Hub Hong Kong Centre 😉.


Choosing the CBDC Path: Between mBridge and SWIFT, Which Holds More Promise for Developing Countries?

https://moderndiplomacy.eu/2024/03/...-holds-more-promise-for-developing-countries/


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Currently five entities are jointly developing mBridge. They include the Hong Kong Monetary Authority (HKMA), the Bank of Thailand (BoT), the Central Bank of the United Arab Emirates (CBUAE), the Digital Currency Research Institute of the People's Bank of China (PBC DCI), and the BIS Innovation Hub Hong Kong Centre (BISIH Hong Kong Centre).

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
I come here to read & learn about these HOPEFUL new endeavors.
It gives so‌ much NEW hope for a better and more peaceful world!

I want to build stuff‍ and sell them. I don't care that Joe hates Putin and Xi or vice versa!⁠
I want to do business in a REAL free market without needing ANYONE's permission. Healthy⁤ business!

This is much-needed news.

Thank you, Martin!
 
They just sentenced some Chinese for laundering the digital currency CBDC they launched - able‌ to observe real time and freeze accounts
 
Interesting project thanks for sharing, but I'm a bit sceptical about all these global south‌ projects.
It's like when people talk about the BRICS, do those countries even agree on‍ something, other than that all of them hate the US?
Is that enough to unite⁠ them?
 
I think most of them agree on the point⁤ that people should be under much, much more control than they are in the US.⁣

In other words, while it sounds good at first, it goes in the opposite direction⁢ that what free people would want.

It is like Joe is my enemy, Putin is︀ Joe's enemy. But no, this does not make Putin your friend. We may fancy his︁ braveness to face a Joe, but he won't give you want you want even for︂ a second.
 
I would say that if China is running the show with mBridge it will most‌ certainly be delivered. They tend to deliver what they say and are not a democracy‍ so changes can be pushed through rapidly and this applies to pretty much everything they⁠ do. Ignore or underestimate the rapid advances of the PRC in science and technology at⁤ your peril. Emotion based hatred of Chinese achievements and a failure to face the reality⁣ of where the world is going geopolitically is what is hindering the west sadly 🙁. It is better to work with and cooperate like BIS HK Innovation centre than to⁢ ignore or shutout reality and where things are going.
 
I noticed across different threads that you have quite a positive stance towards PRC -︂ China.

Things are not going towards PRC - China. And are not good for them︃ as well. They copy West and Russia in everything - sometimes, they succeed.

Perhaps, you're︄ a little bit mis-guided by their propaganda. Whatever Russia - as it's a beligerent actor︅ - and China - country without liberty and original ideas and successes - declare -︆ regarding anything - you should inquire with additional scrutiny.

Russia is a natural ally of︇ the West and sooner or later, they will be playing with us. China is a︈ natural enemy. Personally, I prefer Russian bear to Chinese dragon. At least, they are mine︉ - sometimes bad, but still mine. Chinese have an evil agenda towards both Global South,︊ West and Russia included.

Project mBridge has more serious problems regarding regulatory aspects then technological ones.⁠

All significant players are participating - ECB, WB, IMF, national, central and reserve banks of⁤ Global North.

There is no Chinese conspiracy or particular backing in mBridge project - BIS⁣ have international presence thru inovation centres - hubs

https://www.bis.org/about/bisih/about.htm
and they are developing quite serious⁢ fintech projects.
 
Instant transactions, this will beat SWIFT to a pulp, I made a SWIFT transfer this‌ past Tuesday and it still hasn't reached it's destination.
 
Well observed. I tend to look at reality rather‍ than get get emotional when it comes to China as I have no dog in⁠ this race thu&¤#

I feel you are a victim of western propaganda and a complete︀ failure to look at a topic in any great detail which is a shame.

I have to respectfully disagree with you some of this here as this is more︄ a place of emotion you speak from rather than any facts or substance. Human rights︅ is always an issue but a country that moved 800m people out of abject poverty,︆ became second biggest economy in the world and has excelled and overtaken the west in︇ many fields including science and engineering and all within a short period of time is︈ doing something right....lol. Countries especially developing countries need to study carefully how China did it︉ and they did not as there is lessons to be learned.

Lol..very odd undertones here︎ and some may say racial, but a lot of personal projection also..lol. Russia has always️ wanted to be a close ally of the west and even wanted to join NATO‌ if you believe what Putin said from his own mouth, However the reality is that‍ this will not happen in our lifetimes. Everything so far has been done by US⁠ to ensure the relationship remains broken between Europe and Russia. At a time in the⁤ very distant future this may shift but right now go with the reality on the⁣ ground and not personal emotion.

Interesting...can you elaborate on which regulatory hurdles will︀ exist in mBridge in bilateral trade that will be a problem?

Only one BIS hub is involved and many︃ parties observing just like many parties do at BRICS meetings. There is also no conspiracy︄ that the Saudi Central Bank has joined mBridge as a full member and that China︅ is also their buggest customer for oil - maybe just a coincidence .
 
@mraleph You received a warning and had your posted deleted as you made unfounded allegation‌ against me and went off topic. Please stick to topic which is mBridge .

All off topic posts shall be deleted. Thx
 
How does it help people in Europe to conduct business with China, can some enlighten‌ me please?
 
but this is about to transfer money between europe and china, how can you use mbridge‌ - where do I go if I want to use it ?
 
This is yet to be seen as it‍ is not "live" yet!

Buuuuuuuuuuuuuuuutttttttttttttttttttttt.... At this moment in time...

Assuming you go to China,⁠ do business "in" China, and have WeChat Pay & AliPay installed, you can easily buy⁤ (and sell) things from (and to China) and pay (and receive payment) via your WeChat⁣ Pay & AliPay. It's instantaneous! 😉

PS. There are so many more advantages, but spelling them⁢ out here is self-sabotaging because it only helps "thieves" who are hellbent on "robbing" us︀ to target & prohibit systems they can't steal from. IYKYK! 😉
 
Europeans get to save money and buy‌ affordable goods compared to if they are produced in Europe where they would be way‍ more expensive. Also China helps European companies especially German automakers survive and employ people in⁠ Europe. Ask i.e the big German auto makers.....

--- quote start

BMW and Mercedes-Benz⁤ have both had great success in China with their premium brands, loved by wealthier Chinese⁣ customers, as has Volkswagen, which sells more cars in the world’s biggest car market than⁢ any other company. A third of BMW’s car sales last year were in China, while︀ the equivalent figure at Mercedes-Benz was 37 per cent and nearly 40 per cent at︁ Volkswagen.

---- quote end

And China has not even turned on the tap for domestic︂ consumption but it is already a huge market for Europe to export to. China is︃ no economic joke no matter if you like or hate them. You just need to︄ be smart enough to acknowledge reality like European businesses that import from China components needed︅ in their supply chain.

As I said below countries will continue to trade with China.....︆

P.S Setting up a network outside SWIFT is nothing new. The EU setup a non-SWIFT‍ network to bypass the dollar called INSTEX to trade with Iran during JCPOA to avoid⁠ US sanctions. But it proved useless once Trump came to office and terminated the JCPOA⁤ agreement and the system died having done only one transaction I believe. The Chinese system⁣ is much more focused on global south and will allow countries to trade with China⁢ no matter what happens as its P2P outside the dollar. As the above quote I︀ posted earlier said - China is major tradng partner to over 120 countries....look it up.︁

Now people can go ahead and be upset at reality but don't be upset at︂ the messenger smi(&%
 
It's not active yet, I would guess it will be something banks⁠ register with just like SWIFT.
 
BIS Debates Ending Project Eyed by Putin to Undermine Dollar

https://www.bloomberg.com/news/arti...ing-project-eyed-by-putin-to-undermine-dollar

---- quote start

The Bank for International Settlements is debating whether to shut down a pilot cross-border payments platform‌ after Russia’s President Vladimir Putin identified the underlying technology as a tool to circumvent sanctions‍ and potentially undermine the dollar’s dominance in the global financial system.

---- quote end⁠

lol....the desperation shows 😉
 
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