The Bank for International Settlements (BIS) has decided to no longer participate in mBridge, a digital cross-border payments initiative.

This initiative was previously mentioned by Russian President Vladimir Putin as a way to challenge the dominance of the U.S. dollar and bypass sanctions.

The project will continue without BIS involvement, with China playing a key role in providing the technological foundation.

The remaining countries involved, including Thailand, Saudi Arabia, Hong Kong, and the United Arab Emirates, will independently advance the project and focus on developing their own digital payment systems amidst increasing geopolitical tensions.