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Patrick Powers's avatar

The key event was when the West stole $350 billion of bank deposits by Russian citizens. A system that steals all your money whenever it is moved to do so is intolerable. An alternative had to be built, quickly as possible. This task strikes me as much easier than sending a space capsule to the moon.

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Godfree Roberts's avatar

"BRICS members did verbalize an initiative to begin work on an inter-BRICS settlement payment system and currency.. But even in the meantime, they will increase initiatives towards settling in their own currencies away from the dollar".

Indeed. On September 17, mBridge will be open to all comers, so any country with a CBDC can trade with any other – in its own currency.

Thailand, where I live, has been using mBridge for the past 12 months, buying oil from UAE for Thai baht, while the UAE producer receives payment in dirham 12 ms. later.

mBridge was created by PBOC and is based in Hong Kong, the alternative to Switzerland for safe, offshore banking.

No US$, no 24-48 hour delay, no US oversight.

I expect the developing world to follow Russia's example..

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