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BIS debates ending project eyed by Putin for undermining dollar
By Bastian Benrath-Wright, Mark Schroers, and Jana Randow
Bloomberg News
Monday, October 28, 2024
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.
The mBridge project -- which promises to allow sending money around the world without relying on U.S. banks -- was among topics discussed by central banks and finance chiefs at last week's annual meetings of the International Monetary Fund and World Bank in Washington, according to people informed about the talks. Shutting it down was among the options, the people added, asking not to be named discussing confidential deliberations.
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Agustin Carstens, the BIS general manager whose term ends in June, said Saturday at an event of the Group of 30 in the U.S. capital that "we cannot directly support any project for the BRICS because we cannot operate with countries that are subject to sanctions. I want to be very clear about that."
The United States has been increasingly using the dollar's role as a key conduit of financial transactions worldwide to implement international sanctions, in particular after Russia's invasion of Ukraine. This has prompted attempts to seek alternatives that would be safe from U.S. interventions, even though the dollar remains the main currency of international trade and there are little signs this will change any time soon. ...
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