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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
A coalition of international organizations has launched guidelines to leverage open finance for enhancing digital financial services and promoting financial inclusion, particularly for the 1.4 billion people without basic transaction accounts. The initiative aims to democratize access to financial products while addressing potential risks related to data security and consumer protection. Key figures emphasize the importance of balancing innovation with adequate regulation to ensure the benefits of open finance are realized for all, especially marginalized groups and small businesses.
The Bank for International Settlements (BIS) has withdrawn from the mBridge project, which aimed to enhance cross-border payments using digital currencies. Agustín Carstens, the BIS head, announced the exit during a banking conference in Madrid, amid geopolitical tensions surrounding the initiative.
The Bank for International Settlements has withdrawn from a digital cross-border payments project after Russian President Vladimir Putin highlighted its potential to bypass sanctions and challenge the dollar's dominance. The remaining countries involved—China, Thailand, Saudi Arabia, Hong Kong, and the UAE—will continue to develop the initiative independently, with China providing the essential technology.
The Bank for International Settlements is considering shutting down the mBridge project, a pilot cross-border payments platform, after President Vladimir Putin highlighted its potential to bypass sanctions and challenge the dollar's global dominance. This topic was discussed among central banks and finance leaders during recent meetings of the International Monetary Fund and World Bank in Washington.
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