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Jan Nieuwenhuis: Nations in mBridge project are stockpiling gold, driving up price
By Jan Nieuwenhuis
Money Metals Exchange, Eagle, Idaho
Monday, September 23, 2024
Countries that participate in the novel cross-border payments system mBridge are each hoarding gold and are largely responsible for the bull market of the past two years.
How and when the global dollar standard will disintegrate is hard to predict, but setting up a non-dollar payments system (mBridge) and aggressively accumulating gold to replace U.S. Treasuries as the prime international reserve asset is a potent strategy to de-dollarize.
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MBridge is an international payments project that was launched in 2021 by the Bank for International Settlements' Innovation Hub in Hong Kong. Currently there are five full members --Thailand, China, Hong Kong, Saudi Arabia, and the U.A.E. -- and over 30 observing members.
The project aims to create a multi-central bank digital currency platform for participating central banks and commercial banks, built on distributed ledger technology to enable instant cross-border payments and settlement. MBridge uses an ethereum-compatible DLT network, the mBridge Ledger, developed by China's Digital Currency Research Institute. Because China oversees the backbone of the technology, it's immune to Western sanctions.
A common technical infrastructure has the potential to improve the current system and allow cross-border payments to be more efficient, immediate, and cheaper. On June 5, 2024, mBridge reached the "minimum viable product" stage. ...
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