The mBridge project, a platform developed by central banks for cross-border payments, is transitioning to a new Chinese blockchain consensus protocol. This move is expected to attract millions of users and position mBridge as a direct competitor to SWIFT, the messaging network used by banks and financial institutions for secure information exchange. The success of mBridge could have political implications and reshape the international financial system. Additionally, the BRICS alliance, consisting of China, Brazil, Russia, India, and South Africa, aims to challenge the dominance of the US dollar. While Ripple and its XRP Ledger are considered strong contenders for central bank digital currencies (CBDCs), Ripple is currently facing a legal battle with the US Securities and Exchange Commission (SEC). However, experts believe Ripple will prevail, and its technology could potentially be utilized in the mBridge blockchain framework in the future.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇨🇳 🇹🇠ðŸ‡ðŸ‡° 🇸🇪 🇫🇷 🇧🇷 🇮🇳 🇿🇦 🇦🇷 🇪🇬 🇪🇹 🇸🇦 🇦🇪 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | U.S. Securities and Exchange Commission (SEC), Ethereum, mBridge project, SWIFT, Ripple Labs |
| Currencies | XRP |
| Securities | None |
