Oddbean

Central bank digital currency (CBDC), de-dollarisation & BRICS ========== The mBridge project, a CBDC pilot initiative, involves the Bank for International Settlements and central banks of Hong Kong, Thailand, China, and UAE; aims to modernize cross-border payments using multiple CBDCs; offers a secure, cost-effective alternative to traditional banking; CBDCs are digital versions of national currencies, issued by central banks; mBridge could reduce reliance on the U.S. dollar but won't replace it soon; U.S. dollar remains dominant due to trust and liquidity; de-dollarisation is a gradual process influenced by geopolitical tensions; Malaysia and Thailand's potential alignment with BRICS could complicate foreign relations; Malaysia's political shifts may impact its stance on BRICS; Malaysia aims to amplify the Global South's voice as it chairs ASEAN in 2025. #Cbdc #Dedollarisation #Brics #CrossborderPayments #Malaysia #Thailand #UsDollar #Geopolitics #DigitalCurrency #Asean https://www.nst.com.my/business/insight/2024/10/1122904/central-bank-digital-currency-cbdc-de-dollarisation-brics