The Bank for International Settlements is considering ending a pilot cross-border payments platform called mBridge due to concerns raised by Russian President Vladimir Putin.

Putin believes that the platform could be used to bypass sanctions and challenge the dominance of the US dollar in the global financial system.

Discussions about the future of mBridge took place during the recent annual meetings of the International Monetary Fund and World Bank in Washington, where central banks and finance leaders discussed various options, including the possibility of shutting down the project.

These discussions were confidential, indicating the sensitivity of the topic in light of ongoing geopolitical tensions.