"The most recent BRICS leaders' summit took place virtually on 23 June 2022 hosted by China."

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What about the one in South Africa last year? If needed, I can amend this. SirShaunIV (talk) 16:45, 16 July 2024 (UTC)Reply

yes please do Dant3gramsci (talk) 02:57, 25 September 2024 (UTC)Reply

Is there a way to automatically add countries to the map?

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My new map of prospective nations to join BRICS+ has just been outdated with Burkina Faso's decision to seek joining it. This has led me to wonder how to more efficiently do this. If not, is there a quicker way to edit the file instead of creating a new one and adding it to the page? Dant3gramsci (talk) 02:56, 25 September 2024 (UTC)Reply

If you upload a new version at Commons:File:BRICS2.svg, it will update here. CMD (talk) 04:46, 25 September 2024 (UTC)Reply
Thanks. I have done this now, and will update the file as regularly as I can. Dant3gramsci (talk) 10:41, 26 September 2024 (UTC)Reply

DPRK Joining BRICS/ News Sources' Contradictions

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We must come to an agreement as to whether or not the DPRK should be included in the prospective members list. I'd like some explanation as to why the sources mentioned are invalid and are only opinion pieces so that we can come to a consensus. Dant3gramsci (talk) 05:07, 2 October 2024 (UTC)Reply

Your source consists of an article by a journalist - who may or who may not have gotten their story right - which consists of one South Korean academic arguing the reasons why North Korea might join BRICS and another one arguing the reasons why they won't. It hardly reflects a policy statement by the Foreign Ministry of the Democratic People's Republic of Korea, does it? 14.2.199.154 (talk) 04:32, 4 October 2024 (UTC)Reply

Saudí Arabia

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In the 2024 summit, the new members were also sent 5 members on the page you have inserted 4 missing Saudi Arabia which has never really taken a decision model Argentina. The same newspapers investigated report the presence of Saudi Arabia as part of the new 5 admitted! Please correct map and information 109.52.17.113 (talk) 06:27, 20 October 2024 (UTC)Reply

The summit hasn't happened yet, but it is not clear that Saudi Arabia will attend: [1]. TDL (talk) 14:09, 20 October 2024 (UTC)Reply

Split proposed

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I think there should be a new article of its own dedicated specially for the reception, debate over, criticism to BRICS. Discuss. Lan Pee (talk) 05:22, 21 October 2024 (UTC)Reply

Looking at WP:SPLIT, this article isn't large enough that this is a concern. For now, anything related to the aspects that you mentioned can be added to the article itself, IMO. -MPGuy2824 (talk) 08:18, 21 October 2024 (UTC)Reply
Yes! I really hate Russia, even this article should split into multiple articles. MYSKaoi (talk) 11:15, 26 October 2024 (UTC) MYSKaoi (talk · contribs) is currently under sockpuppet investigation. Happily888 (talk) 01:20, 13 November 2024 (UTC)Reply
Once this section grows larger, maybe. At its current size I don't believe it should be split yet, however as more information is added it could definitely become its own article. Tylermack999 (talk) 14:25, 5 November 2024 (UTC)Reply

Brazilian PIX

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The Brazilian PIX is not an alternative to SWIFT. SWIFT is an international transfer protocol, PIX is a national instantaneous payment system. As of today Brazil do not have an alternative to SWIFT. Did I misunderstood the objective of the paragraph? I would suggest removing PIX from the entry and perhaps review other services to see if they are actually a SWIFT alternative or something else. Alvaroludolf (talk) 06:09, 22 October 2024 (UTC)Reply

Ban people who are vandalizing the article

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My concern is regarding the repeated insertion of Saudi Arabia as a member. CmsrNgubane (talk) 06:01, 24 October 2024 (UTC)Reply

That is not vandalism; there are sources stating that. That English WP tries very hard to ignore those sources instead of reflecting both points of view speaks volumes about where the platform is headed. 14.2.205.131 (talk) 20:43, 24 October 2024 (UTC)Reply
Those sources have the wrong information since Saudi Arabia itself asserted during the current summit that it hasn't made the decision to join as of yet. CmsrNgubane (talk) 09:00, 25 October 2024 (UTC)Reply

partner states

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Apparently these countries were added as partner states: includes Turkey, Indonesia, Algeria, Belarus, Cuba, Bolivia, Malaysia, Uzbekistan, Kazakhstan, Thailand, Vietnam, Nigeria, and Uganda. Not sure how good is the source, According to https://www.brasildefato.com.br/2024/10/24/brics-approves-cuba-bolivia-and-11-other-countries-as-partner-states 151.241.241.173 (talk) 17:48, 24 October 2024 (UTC)Reply

ya the partner states deserve it own header, we need discussion of not only who are partner, but also explaination on what partner states are? 2406:3003:2060:3135:ED23:A7EE:6BBE:3C1C (talk) 22:30, 29 October 2024 (UTC)Reply

Do we really need the infobox map with the "Prospective member states"

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Literally the whole map is light blue, do we really need it to be like this? We already have a section of possible future members with more information. I think we should just keep a map of current members and the partner members... While the "Prospective member states" is just a speculation at this point... Yacine Boussoufa (talk) 12:13, 4 November 2024 (UTC)Reply

They could be, but the color shades in the map are too close. There are also maps which include countries that rejected to join. Such as this one (Argentina should be green):
 
Web-julio (talk) 20:45, 17 November 2024 (UTC)Reply
I personally find this one the most complete. Web-julio (talk) 20:49, 17 November 2024 (UTC)Reply

Is there any need for a table of the current representative leaders of member countries?

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Most of them are identical to the head of state, albeit slightly different in China's case since the Premier is the head of government but ranks below the head of the CCP. This table could easily be removed and put into the page on members of BRICS instead of this main page, and while it does relate to the adjacent topic of the BRICS Pro Tempore Presidency, it isn't neccessary to list the representative leaders out because it can be assumed they are the highest ranking member within each countries' respective government. Tylermack999 (talk) 15:16, 6 November 2024 (UTC)Reply

The foremost geopolitical rival

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The BRICS countries are considered the foremost geopolitical rival to the G7 bloc in the lead. Could not be found in the article body and unsourced. ManyAreasExpert (talk) 13:19, 8 November 2024 (UTC)Reply

It doesn't make any sense in its paragraph either, eg. The New Development Bank is noted in the body to be in the same space as the International Monetary Fund, not the G7. CMD (talk) 13:43, 8 November 2024 (UTC)Reply
It's easily sourced. M.Bitton (talk) 14:01, 8 November 2024 (UTC)Reply
@M.Bitton: I have not been able to source it, would you be so good? Horse Eye's Back (talk) 19:46, 14 November 2024 (UTC)Reply
@Horse Eye's Back: "at present, the BRICS bloc stands as the foremost geopolitical rival to the G7"[2] (there are others if needs be). M.Bitton (talk) 19:50, 14 November 2024 (UTC)Reply
That doesn't work, we need something that supports the universal "are considered" not just an example of someone considering them to be so. That also looks suspiciously like our wording, which predates that article's publication... Horse Eye's Back (talk) 19:55, 14 November 2024 (UTC)Reply
"The BRICS group is considered the foremost geopolitical rival to the G7 bloc" [3]
"an assembly of countries (Brazil, Russia, India, China and South Africa) considered to be the foremost geopolitical rival to the G7 bloc of leading advanced economies." [4]
This is from a very quick search. M.Bitton (talk) 19:57, 14 November 2024 (UTC)Reply
You seem to be finding sources which copied wikipedia. Horse Eye's Back (talk) 19:59, 14 November 2024 (UTC)Reply
Can you prove it? M.Bitton (talk) 20:00, 14 November 2024 (UTC)Reply
Our lead: "The BRICS countries are considered the foremost geopolitical rival to the G7 bloc comprising the leading advanced economies, implementing competing initiatives such as the New Development Bank, the BRICS Contingent Reserve Arrangement, the BRICS pay, the BRICS Joint Statistical Publication[15] and the BRICS basket reserve currency." That South African article: "The BRICS group is considered the foremost geopolitical rival to the G7 bloc of leading advanced economies. The BRICS group has introduced (in some instances weighed) rival initiatives that include the New Development Bank, the Contingent Reserve Arrangement, the BRICS payment system, the BRICS Joint Statistical Publication and the BRICS basket reserve currency." And no I don't need to prove anything... But a supporting source will need to be from before that information was on wikipedia, thats how its always worked (its how we avoid citogenesis). Horse Eye's Back (talk) 20:05, 14 November 2024 (UTC)Reply
You're picking one article, while I provided three, including a scholarly one that describes it as the "the foremost geopolitical rival to the G7". M.Bitton (talk) 20:08, 14 November 2024 (UTC)Reply
All three were published after that text was on this page. There is no way around finding a source which predates the text, we have plenty of examples of citogenesis in the academic literature. I would also note that all three are so close that if they didn't postdate the text we would be removing it immediately on COPYVIVO grounds. You have not done so, so you agree with me. Horse Eye's Back (talk) 20:11, 14 November 2024 (UTC)Reply
I have no horse in this race. I only responded because I thought I was being helpful (the sources are, like I previously said, easily found. The editors are free to treat them however they wish). M.Bitton (talk) 20:26, 14 November 2024 (UTC)Reply
I don't have a horse here either, I only responded because I could not find any sources which actually qualified for sourcing it (sources published after it can't be used to source it). If it was easy one of us would have been able to do it by now, but neither you or I have been able to... Therefore not easy Horse Eye's Back (talk) 21:28, 14 November 2024 (UTC)Reply
Going further, Combined, the BRICS members encompass about 30% of the world's land surface and so on right in the lead. So what? Since when we keep "interesting facts" chapter in the lead? ManyAreasExpert (talk) 15:10, 13 November 2024 (UTC)Reply
@CmsrNgubane, please don't add unsourced content. And don't remove maintenance templates [5]. ManyAreasExpert (talk) 12:11, 14 November 2024 (UTC)Reply
@Mt.FijiBoiz, you changed To some[vague], the grouping evolved into a geopolitical bloc, removing "To some" and removing the source [6] . What are your sources? ManyAreasExpert (talk) 20:04, 1 December 2024 (UTC)Reply

"Russia emerged as Europe's largest economy"

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This claim is not verifiable. The cited reference (CIA World Factbook) categorises Russia in the Central Asia region, not in Europe. Of course, Russia is partially in Europe and partially in Asia. However, no source is given that shows the GDP of the European part of Russia alone, and whether this would be higher than that of Europe's largest economy (according to the CIA list), Germany. As Russia's total GDP is only 11 percent higher than that of Germany, at least 90 per cent of this would have to be generated in the European part to make it Europe's largest economy (measured in PPP). RJFF (talk) 14:00, 13 November 2024 (UTC)Reply

Even more, there is nothing in given references regarding the article subject. @CmsrNgubane, please don't add [7] unrelated content into the article. ManyAreasExpert (talk) 07:45, 14 November 2024 (UTC)Reply
Hello there, Transcontinental countries are deemed to be part of the continent in which they are grouped in at the general assaemby, for example, a country like Egypt is located both in Africa and Asia but is deemed to be African at the UN. CmsrNgubane (talk) 03:39, 15 November 2024 (UTC)Reply
The article shouldn't be using GDP PPP, it should be using regular GDP. Germany's economy is the fourth-largest economy in the world and largest economy in Europe. AusLondonder (talk) 03:54, 15 November 2024 (UTC)Reply
There is no requirement for that as long as you state that it is PPP or nominal GDP, and also most economists consider nominal GDP to be misleading and PPP is closer to real GDP output of a country as it is not influenced by currency exchange rate fluctuations, I suggest you research the topic a little, it can be quite fascinating. IT is also the reason why Russia is able to continue the war in Ukraine despite Ukraine receiving support from the west, the reason for this is that Russia's economy is far larger than what nominal GDP suggests. CmsrNgubane (talk) 04:03, 15 November 2024 (UTC)Reply
That's not accurate. GDP is the standard measure of national economies used globally. Let's not cherry-pick figures to meet our viewpoints. AusLondonder (talk) 04:07, 15 November 2024 (UTC)Reply
I'm not cherry picking,most economists will tell you that nominal GDP is misleading. CmsrNgubane (talk) 04:55, 15 November 2024 (UTC)Reply
That is not true at all. Economists will use nominal GDP, because its a better representation of global purchasing power. In an example like this - who is the biggest economy in europe nominal GDP is the correct metric. if you want to compare local purchasing power GDP PPP would be correct.
Russia can't buy more goods on a global market, just because food/housing is cheaper compared to eg. the US. Blooopppppp (talk) 00:50, 16 November 2024 (UTC)Reply
The cases of Russia and Egypt are very different. 6 percent of Egypt's area territory in Asia with less than 1 percent of the country's population – this is marginal. Russia's territory on the other hand is mostly in Asia (75 percent) with 20 percent of its population. The UN's placing of Russia in the Eastern European Group does not make the whole Russian economy a "European economy", as this is a merely political categorisation for a certain purpose (the organisation of UN institutions), not relevant to economic geography. But we do not need to discuss our opinions on this, as Wikipedia does not publish original research. Please provide a reliable source verifying that "Russia emerged as Europe's largest economy", otherwise the statement has to go. --RJFF (talk) 04:44, 15 November 2024 (UTC)Reply
You are the one who's cherry picking here, the percentage of territory being in a continent is not what counts, it is where international bodies deem countries to be located that matters hence Russia is classed as a Eastern European country. You seem to be driven by a bias from my perspective. CmsrNgubane (talk) 04:58, 15 November 2024 (UTC)Reply
My apologies for the "cherry picking" line, I thought I was responding to the same person who said I'm cherry picking CmsrNgubane (talk) 05:10, 15 November 2024 (UTC)Reply
Agree with RJFF here. We need reliable sources claiming that Russia is Europe's largest economy. All the sources I've seen regard Germany as Europe's largest economy, as does our article Economy of Europe. AusLondonder (talk) 08:03, 15 November 2024 (UTC)Reply
Hence why it is stated "in the latest financial year" which comprises the official data of the most recent financial year. CmsrNgubane (talk) 08:11, 15 November 2024 (UTC)Reply
I've provided another source, hope this settles the impasse. God bless us all. CmsrNgubane (talk) 08:27, 15 November 2024 (UTC)Reply
Greetings, we should not be adding WP:TASS, and we need to address the concerns raised, which is - we should not be using sources not related to the article subject. Sources you added don't talk about it, please don't add these. ManyAreasExpert (talk) 09:04, 15 November 2024 (UTC)Reply
The sources clearly state that Russia ended the year as Europe's largest economy. CmsrNgubane (talk) 11:17, 15 November 2024 (UTC)Reply
This is not the concern raised. ManyAreasExpert (talk) 11:19, 15 November 2024 (UTC)Reply
If I may add, BRICS is an economic partnership like any other but the reason why it gets so much attention is due to its size, if we were to leave out material information about the individual countries economies and size this article would be incomplete. CmsrNgubane (talk) 11:21, 15 November 2024 (UTC)Reply
Not until secondary sources are provided. ManyAreasExpert (talk) 11:24, 15 November 2024 (UTC)Reply
Agree, we still need (reliable) sources which claim Russia is Europe's largest economy. I've located plenty of sources saying Germany is Europe's largest economy. Euronews a few days ago, CNN last month, Reuters, and Politico earlier this year AusLondonder (talk) 13:48, 15 November 2024 (UTC)Reply
You can add Germany being the largest into the article now.
No? Why? ManyAreasExpert (talk) 13:53, 15 November 2024 (UTC)Reply
Your responses are clearly emotional, the Statement of Russia being the largest economy as of the latest financial year is true and cannot be refuted, just live with that fact until the official data for the year ended 2024 is released, I really wanted to avoid being aggressive but it seems this is the only language you'll will understand. CmsrNgubane (talk) 17:17, 15 November 2024 (UTC)Reply
If you don't attend the argument, it stays. Please don't add unrelated content to the article.
Your responses are clearly emotional
Thank you for Wikipedia:Personal attacks, which we must use when we lack real argument. ManyAreasExpert (talk) 17:20, 15 November 2024 (UTC)Reply
The argument has clearly been addressed, for some reason which I believe is bias you refuse to accept the reality. You can try to claim personal attacks but it doesn't change the facts that I've listed. CmsrNgubane (talk) 17:26, 15 November 2024 (UTC)Reply
This is a classic display of cognitive dissonance CmsrNgubane (talk) 17:26, 15 November 2024 (UTC)Reply
The argument has clearly been addressed
So the argument was that the sources you supplied the sentence with have no mention of BRICS, and therefore are not relevant, and your response was ... what ? ManyAreasExpert (talk) 17:31, 15 November 2024 (UTC)Reply
The soure is about Russia's economy, I don't know if you're aware that Russia is a part of BRICS, does your bias really blind you this much? CmsrNgubane (talk) 17:49, 15 November 2024 (UTC)Reply
But this article is not about Russia's economy. ManyAreasExpert (talk) 17:51, 15 November 2024 (UTC)Reply
It's about BRICS which is an economic grouping and information about the member states economies is relevant, I really hope that someone can see my point of view because I'm no longer going to fight this since I have been blocked from making edits. I can only ask the editors to have a discussion about from a neutral standpoint going forward and for my previous contributions to not be reversed due to the block.
Best wishes, stay resolute in your beliefs, god bless us all. CmsrNgubane (talk) 03:38, 16 November 2024 (UTC)Reply

❗13 nations join BRICS as partner countries

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[8]JUST IN: BRICS officially adds 13 new nations to the alliance as partner countries (not full members).

🇩🇿 Algeria 🇧🇾 Belarus 🇧🇴 Bolivia 🇨🇺 Cuba 🇮🇩 Indonesia 🇰🇿 Kazakhstan 🇲🇾 Malaysia 🇳🇬 Nigeria 🇹🇭 Thailand 🇹🇷 Turkey 🇺🇬 Uganda 🇺🇿 Uzbekistan 🇻🇳 Vietnam Amane Ojakasa (talk) 06:50, 18 November 2024 (UTC)Reply

‘A wall of BRICS’: The significance of adding six new members to the bloc

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[9]https://www.aljazeera.com/news/2023/8/24/analysis-wall-of-brics-the-significance-of-adding-six-new-members Amane Ojakasa (talk) 07:48, 18 November 2024 (UTC)Reply

Thailand Makes BRICS a Start to Join (The Government Public Relations Department Thailand)

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[10] Recently, the BRICS economic bloc, an economic cooperation league that includes Brazil, Russia, India, China, and South Africa, decided to expand its membership and Invite non-member countries to attend the 16th BRICS Summit, on 22-24 October 2024 in Kazan, Russian Federation.

With the alm to expand Thalland's opportunity to play a part in International policy-making and strengthen its role as a leader among developing countries, the Ministry of Foreign Affairs proposed becoming a member of BRICS, and the Cabinet has just approved Thalland's draft letter of intent.

The draft letter emphasizes Thailand's efforts that are in line with the principles of BRICS, such as placing importance on multilateralism and increasing the representation of developing countries in the international system.

Joining BRICS would benefit Thailand in many respects, for example, helghtening Thailand's role on the International stage and boosting its prospects of being one of the International economic policy makers. Amane Ojakasa (talk) 05:41, 19 November 2024 (UTC)Reply

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@FMMTAG, why you think that gallery [11] of portraits "must be here"?

Your second sentence, "BRICS is very influential", also calls questions, but let's attend the first one first. ManyAreasExpert (talk) 14:56, 25 November 2024 (UTC)Reply

Look at the Group of Seven article. They have all of the world leaders there. FMMTAG (talk) 08:58, 26 November 2024 (UTC)Reply
... and why do you think that gallery of portraits must be there? ManyAreasExpert (talk) 10:33, 26 November 2024 (UTC)Reply
Because of the Group of Seven article has the pictures of the world leaders. FMMTAG (talk) 15:12, 26 November 2024 (UTC)Reply
The pictures are needed because BRICS is getting more and more powerful and influential than the G7. FMMTAG (talk) 15:13, 26 November 2024 (UTC)Reply
That's just the repetition of the first thesis which was put into question. ManyAreasExpert (talk) 15:52, 26 November 2024 (UTC)Reply
The Gallery is Ok. I see nothing wrong with it. FMMTAG (talk) 17:53, 26 November 2024 (UTC)Reply
It's not the justification. Given there are no secondary sources justifying existence of such a chapter it should go. ManyAreasExpert (talk) 19:56, 26 November 2024 (UTC)Reply
I doubt that it should go. We need to describe all of the lease of the BRICS group. FMMTAG (talk) 23:24, 26 November 2024 (UTC)Reply
We need to describe all of the lease of the BRICS group.
What's that, and why so? ManyAreasExpert (talk) 23:30, 26 November 2024 (UTC)Reply
Sorry my mistake. I mean we need to describe all of the leaders of BRICS in the article. FMMTAG (talk) 04:56, 27 November 2024 (UTC)Reply
Sorry friend, that's not an argument.
Also, they are not the leaders of BRICS. ManyAreasExpert (talk) 10:52, 27 November 2024 (UTC)Reply
Look at the article for the Group of Seven and make the article on BRICS into the same format. FMMTAG (talk) 17:10, 27 November 2024 (UTC)Reply
Let's not return to the thesis which was already discussed and abandoned. ManyAreasExpert (talk) 17:20, 27 November 2024 (UTC)Reply

Much more efficient than SWIFT

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Greetings @Dark Flow, you've added [12] that BRICS Bridge "It is told to be much more efficient than SWIFT". Please provide quotes from sources confirming this. ManyAreasExpert (talk) 20:26, 26 November 2024 (UTC)Reply

Dear User:Manyareasexpert , it is written in following the article of the economist:
https://www.economist.com/international/2024/10/20/putins-plan-to-dethrone-the-dollar Dark Flow (talk) 20:51, 26 November 2024 (UTC)Reply
Quote please? ManyAreasExpert (talk) 20:55, 26 November 2024 (UTC)Reply
Dear @Manyareasexpert , I read the article few time ago it was written at the bottom of it as a comparison to SWIFT. Why don't you go in a public library or so and read the bottom yourself ? Despite that it is obvious that SWIFT which is doing transactions based on XML messages between SWIFT terminals of private banks, is not that efficient like an automatic settlement system of central banks based on digital currencies, please feel free to delete this ! For me this settles this debate, I don't care about this part of my edit. Dark Flow (talk) 21:06, 26 November 2024 (UTC)Reply
Agree, I'll remove everything I believe has no confirmation in sources provided then, please provide quotes if you believe it has. ManyAreasExpert (talk) 21:10, 26 November 2024 (UTC)Reply
Actually, I read the source given, and it says - This system, which Russia calls “BRICS Bridge”, is intended to be built within a year and would let countries conduct cross-border settlement using digital platforms run by their central banks - in future tense.
While your addition - BRICS Bridge,(which is told to be a merger between BRICS PAY and MBridge,) makes it possible for central banks to ... - is in present tense.
Can you please fix it according to sources. ManyAreasExpert (talk) 21:14, 26 November 2024 (UTC)Reply
Well Manyareasexpert I added citations and references 157 to 163 if you would have read them you would know that BRICS Bridge is named by MBridge and originating from it that is not the future, but the past. I admit that some functionality might has to be added but I made any suggestions and guessing of me explicit.
What article or citation do you refer to ?
Your claim that you read the article of the economist is false because you are misquoting it !
I am willing to escalate this to the highest levels here, and also engage in a serious edit war unless you at least stop pretending you read an article you do not even name ! Dark Flow (talk) 12:24, 27 November 2024 (UTC)Reply
Provide correct quotes then confirming your additions. ManyAreasExpert (talk) 12:27, 27 November 2024 (UTC)Reply
Okay. But please keep the format of the leaders. FMMTAG (talk) 19:14, 27 November 2024 (UTC)Reply
That belongs to a different thread, please move it there. ManyAreasExpert (talk) 20:09, 27 November 2024 (UTC)Reply
@FMMTAG Do not remove that format, it belongs exactly where it is, this guy who calls himself an expert is well known for being biased against particularly anything that involves Russia. Usanamepolicy (talk) 06:58, 28 November 2024 (UTC)Reply
I am really sorry if I made a mistake or something is wrong with my summary of the citations, and I am willing to correct any mistake I made at any time, but I am not yet aware of any false summary of mine now after my last edit. @Manyareasexpert seems unwilling to verify my citations, and make at least the effort to read as much as I had read about this !
Post Script:I know I am not an example here, but that is just mean !
@https://en.wikipedia.org/wiki/User:Arbitration_Committee please help out. Dark Flow (talk) 20:03, 27 November 2024 (UTC)Reply
No that's not how it works. You know the source provided does not confirm your text, thus it should go. ManyAreasExpert (talk) 20:18, 27 November 2024 (UTC)!Reply

What do want me to do or talk about ?

— Preceding unsigned comment added by  Dark Flow (talkcontribs) 

[citation needed]

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Where's the citation/source for the "official languages" in the infobox? 2600:8800:2C09:3200:38AE:3E2B:5569:AD49 (talk) 07:59, 3 December 2024 (UTC)Reply

Findings from the Multiple Central Bank Digital Currency Bridge (mBridge) Pilot and Next Steps

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[13] Amane Ojakasa Summary The Bank of Thailand (BOT), announced that the BOT together with the Hong Kong Monetary Authority (HKMA), the Central Bank of the United Arab Emirates (CBUAE), the Digital Currency Institute of the People’s Bank of China (PBCDCI) The mBridge platform demonstrated the enhanced efficiency of cross-border transactions using multi-currency CBDC compared to the current system by eliminating the correspondent banking network, resulting in (1) a substantial decrease in cross-border transfer times from 3-5 days to several seconds, (2) enabling direct peer-to-peer linkages between participating banks which can potentially lower the cost of cross-border transactions. Furthermore, the platform can also (3) reduce settlement risk and (4) support the use of local currencies in international payments (talk) 10:52, 3 December 2024 (UTC)Reply