China’s digital yuan and CBDCs gain traction with mBridge, a collaborative project involving China, Thailand, Hong Kong, UAE, and the Bank for International Settlements.
 Despite progress, uncertainties surround CBDC’s viability to replace existing global banking systems.
Progress toward establishing a novel platform that aims to extend the influence of China’s digital yuan and similar central bank digital currencies is gaining momentum, causing some proponents of the long-standing dollar-dominated system to take notice.
JUST IN: China has partnered with the Bank of International Settlements to create mBridge, a digital payment system that completely bypasses SWIFT and US banks pic.twitter.com/ucVrxEVHdc
— Bitcoin News (@BitcoinNewsCom) August 11, 2023

The digital prototype, endorsed by Beijing, is designed to facilitate international money transfers without relying on US financial institutions. It is making rapid strides, prompting certain European and American analysts t

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