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MARKETS DAILY: Featured Story | A CBDC Alternative to SWIFT?
Nov 12, 2023
Noelle Acheson, a contributor at Consensus Magazine, explores the potential disruption of the current system by the mBridge project, a CBDC alternative to SWIFT. The podcast also delves into the Enbridge project, a Chinese CBDC alternative, and its global economic implications.
11:33
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Quick takeaways
- The M-Bridge project aims to disrupt the current global financial system by bypassing the US dollar-based system and potentially impacting international flows, trade agreements, and the power of sanctions.
- Enbridge, a joint venture involving central banks and the BIS, is testing the viability of CBDCs for cross-border trade and could signify a shift in power dynamics within the global financial system.
Deep dives
The M-Bridge Project: A CBDC Alternative to Swift
The M-Bridge project involves 23 central banks, including the BIS, and is designed to bypass the US dollar-based global financial system. It aims to become the first functioning blockchain-based payment platform involving official entities, potentially impacting international flows, trade agreements, and the power of sanctions. The project has global participation and could lead to regional alliances for a common payment platform.
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