Project MBridge: ‘A Multi-CBDC Platform’
The Bank for International Settlements (bis) has been called the “bank for central banks.” Its latest project, the so-called mBridge, is connecting Central Bank Digital Currencies (cbdc) with one another. Between August 15 and September 23, Hong Kong, Thailand, China and the United Arab Emirates tested mBridge, which works independently of the regular financial plumbing that goes through the United States.
In Project mBridge, 20 banks in Hong Kong sar, Thailand, China and the United Arab Emirates used the platform to conduct 164 payment and foreign exchange transactions totaling over $22 million.
—Bank for International Settlements, in a tweet dated October 26
Replacing the U.S.: The vast majority of international transactions are cleared in dollars through American correspondent banks. But bis claims the U.S. system is flawed and needs to be replaced.
The global network of correspondent banks that facilitates international payments is hindered by high costs, low speed and transparency, and operational complexities.
Multiple cbdc … arrangements that directly connect jurisdictional digital currencies in a single common technical infrastructure offer significant potential to improve the current system and allow cross-border payments to be immediate, cheap and universally accessible with secure settlement.
—Bank for International Settlements
Joining forces against the U.S.: bis is headquartered in Basel, Switzerland, but it already helps countries conduct trade in Asia and the Middle East. The Bible reveals that Europe will rise to replace the U.S. as the trading hub of the world. The book of Isaiah foretells that Europe will become the “marketplace for the nations” (Isaiah 23:3; New King James Version). The rules for international trade will soon be determined by Europe, and anyone who disagrees will lose his access key. Trumpet editor in chief Gerald Flurry explains this prophecy in Isaiah’s End-Time Vision. Learn more about these developments in our article “Will Blockchain Block Out America?”