Urgent: Does BIS Launch mBridge to Oust XRP ?
Summary
TLDRThe video discusses 'mBridge,' a project by the Bank for International Settlements, aiming to create a multi-central bank digital currency platform for instant cross-border payments using distributed ledger technology. The presenter clarifies misconceptions about mBridge replacing XRP, explaining that it serves as a regulatory-compliant bridge for various payment systems, including but not limited to XRP. The video also touches on 'Icebreaker,' a smart contract for less liquid currencies, and emphasizes the relevance of Quant amidst these developments.
Takeaways
- 😀 The video discusses 'mBridge', a project by the Bank of International Settlements (BIS), which aims to facilitate instant cross-border payments and settlements using a multi-central bank digital currency platform.
- 🔍 mBridge has reached the Minimum Viable Product (MVP) stage and is inviting further international participation to explore its potential in the financial ecosystem.
- 🌐 The project is built on Distributed Ledger Technology (DLT) and aims to be interoperable with various systems through APIs based on the global ISO 22 messaging standard.
- 🤔 Contrary to initial impressions, mBridge is not intended to replace XRP but rather to provide a regulatory framework for cross-border transactions, including those that might use XRP.
- 💼 mBridge is designed to offer regulatory clarity and governance, ensuring compliance with different countries' regulations for international payments.
- 🏦 The project is a collaborative effort involving BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People's Bank of China, and the Hong Kong Monetary Authority.
- 📈 mBridge is intended to work with any system, suggesting that it complements existing technologies like XRP, rather than competing with them.
- 🧩 The video mentions 'Icebreaker', a smart contract system within mBridge designed for countries with currencies that have low liquidity, facilitating easier conversions.
- 🔒 The creation of mBridge is partly a response to concerns over the weaponization of the SWIFT system by the United States, aiming to provide an alternative for countries to safeguard their financial transactions.
- 📊 The project is also relevant to Quant, another technology that aims to provide interoperability between different blockchain systems, indicating a broader trend towards financial system integration.
- 👥 The video encourages viewers to form their own opinions, suggesting that there is more to learn and discuss about mBridge, XRP, and their roles in the evolving financial landscape.
Q & A
What is the main topic of the video?
-The main topic of the video is the introduction and explanation of mBridge, a multi-central bank digital currency platform developed by the Bank for International Settlements (BIS).
What is mBridge and what does it aim to achieve?
-mBridge is a project by the BIS that aims to explore a multi-central bank digital currency platform shared among participating central banks and commercial banks, built on distributed ledger technology (DLT) to enable instant cross-border payments and settlements.
Why might mBridge initially seem like it could replace XRP?
-mBridge might initially seem like it could replace XRP because it also facilitates cross-border payments and settlements, which is a function XRP is known for. However, the video explains that mBridge is not meant to replace XRP but rather to provide a regulatory framework for various digital currencies.
What is the role of APIs in the mBridge project?
-APIs in the mBridge project support interoperability with participants' own systems, allowing the platform to connect with different central bank digital currencies (CBDCs) and facilitate seamless transactions.
How does mBridge address regulatory compliance for cross-border transactions?
-mBridge provides a system of regulatory channels that ensures compliance with the different regulatory requirements of participating countries, wrapping up payments in a way that meets all necessary regulatory standards.
What is the 'Icebreaker' initiative mentioned in the video?
-Icebreaker is an initiative by the BIS for countries with currencies that have low liquidity. It uses smart contracts to convert these currencies into more liquid ones, facilitating easier cross-border transactions.
How does the video script differentiate mBridge from Quant?
-The script suggests that while mBridge and Quant both aim to improve cross-border transactions, mBridge focuses on providing a regulatory framework and is specifically designed for smaller transactions in countries with less liquidity, whereas Quant is positioned as more relevant for larger transactions.
What is the significance of the ISO 22 messaging standard in mBridge?
-The ISO 22 messaging standard is used in mBridge to standardize the APIs, ensuring that the platform can integrate with various systems and facilitate smooth communication between different financial entities.
What is the video creator's stance on the relationship between mBridge and XRP?
-The video creator believes that mBridge is not intended to replace XRP. Instead, it is a separate initiative that may complement XRP by offering a regulatory framework for cross-border transactions.
Why was mBridge developed according to the video?
-mBridge was developed as a response to the perceived weaponization of the SWIFT system by the United States, aiming to provide a governance framework that safeguards countries from such influences and allows them to conduct cross-border transactions independently.
How does the video script suggest the future of digital currencies and cross-border transactions?
-The script suggests a future where multiple systems coexist, with countries and financial entities choosing the digital currency or platform that best suits their needs for cross-border transactions, whether it be XRP, mBridge, or another system.
Outlines
🌐 Introduction to mBridge and its Role in Digital Currency
The video script introduces mBridge, a multi-central bank digital currency platform developed by the Bank for International Settlements (BIS). The platform aims to enable instant cross-border payments and settlements using distributed ledger technology (DLT). It is designed to be interoperable with various systems through APIs, supporting different central bank digital currencies (CBDCs). The script clarifies that mBridge is not a replacement for XRP but rather a complementary system that streamlines regulatory compliance for international transactions. The video also promotes the use of a self-custody wallet for secure digital asset management.
🔗 mBridge's Interoperability and its Impact on International Payments
This paragraph delves into the technical aspects of mBridge's interoperability, emphasizing its ability to connect with external systems using global ISO 22 messaging standards. The script explains that mBridge acts as a bridge for various payment systems, including those that may use XRP for transactions. It also introduces the concept of 'Icebreaker,' a smart contract designed to facilitate transactions in currencies with low liquidity, similar to the role XRP plays in the market. The paragraph highlights the flexibility of mBridge to adapt to different systems and the potential for it to coexist with existing solutions like XRP.
🛡️ mBridge as a Response to US Influence and the Relevance of Quant
The final paragraph discusses the geopolitical motivations behind mBridge, suggesting that it was created as a response to the perceived weaponization of the SWIFT system by the United States. The script implies that mBridge is a means to safeguard against such influence and to provide a governance structure that ensures regulatory compliance across different countries. It also touches on the relevance of Quant in this context, hinting at a video by Crypto Maximus that explores the significance of Quant in relation to mBridge. The video aims to dispel fears that mBridge is a direct competitor to XRP and to emphasize the collaborative potential of these technologies.
Mindmap
Keywords
💡mBridge
💡Bank of International Settlements (BIS)
💡XRP
💡Interoperability
💡APIs
💡Regulatory Channels
💡ICE Breaker
💡Quant
💡SWIFT
💡CBDCs
💡Governance
Highlights
Introduction to mBridge, a project by the Bank for International Settlements (BIS).
mBridge is not intended to replace XRP but is a separate initiative.
The project aims to create a multi-central bank digital currency platform using Distributed Ledger Technology (DLT) for instant cross-border payments and settlements.
mBridge is a collaborative effort involving BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People's Bank of China, and the Hong Kong Monetary Authority.
The platform is designed for interoperability with participants' own systems using APIs based on the global ISO 22 messaging standard.
mBridge is intended to provide regulatory clarity and governance for cross-border payments, regardless of the digital currency used.
The project is in its Minimum Viable Product (MVP) stage and invites further international participation.
mBridge is a bridge for various systems, similar to Quant, but with a focus on regulatory compliance.
The platform is designed to handle payments with multiple systems, including those that may use XRP.
Explanation of how mBridge differs from XRP and its intended use for regulatory compliance in cross-border transactions.
Introduction of 'Icebreaker', a smart contract system for countries with low-liquidity currencies to facilitate easier exchange.
Icebreaker's role in converting currencies that are not easily exchangeable due to low liquidity.
Comparison between mBridge, Icebreaker, and XRP, highlighting their distinct purposes and functionalities.
Discussion on the relevance of Quant in the context of mBridge and the broader implications for digital currency systems.
The geopolitical motivations behind mBridge, including concerns about the weaponization of the SWIFT system by the United States.
How mBridge is intended to safeguard against the influence of the United States over international financial systems.
The potential impact of mBridge on the use of the US dollar and the move towards digital currencies by various countries.
Transcripts
hey everybody will fix here got another
video for you today today I want to
cover the uh mbridge
a I don't know if you want to call it a
product but something that the bank of
international settlements have made if
you haven't heard about mbridge then
you're going to like this because you'll
be armed before you hear about it
because when you hear about it if you
don't have a a good background with
what's going on with it it can sound
like something that will replace xrp it
sounds like man they just they just
bypassed xrp but that is not the case
and I'm going to show you in this video
I'm going to go through I'm going to
streamline this because I got deep in
the sauce today spent hours studying
this watching everything on it to try
to uh wrap my mind around it in a good
way so that I could um explain it in
terms that that I like to explain things
in so I think I got it so first let's
talk about what it is we're going to
talk about mbridge then we're going to
talk about um ice breakers then we're
going to talk about xrp and I'm going to
show you how um these will all Mash
together in today's video so we'll go
ahead and get started here is the
commercial for the day hey get yourself
a decent wallet self custody is the way
to go use my link in the description you
get a discount and that's all I really
want to say about that but you do need
to get you one um uh some form of a
wallet I prefer the decent wallet
because I've had a whole bunch of
wallets I don't know I can't even tell
you how many I can't count them I can
count them on two hands I think but I've
tried a lot of them I do prefer the
decent all right moving right
along okay we're on the bank of
international settlements website and
they're talking about here on this
article project mbridge reaches minimum
viable product stage and invites further
International
participation all right so quickly I
want to show you where a lot of the uh
scary information comes from when you
don't look into it deep enough on the
surface this looks pretty scary look at
it project inridge continues its
development and has reached the final
viable product MVP stage while
broadening its International reach the
project aims to explore a multi- central
bank digital currency platform shared
among participating central banks and
Commercial Banks built on distributed
Ledger technology DLT to enable instant
crossborder payments and
settlements project embridge is a result
of extensive collabor a during 2021
being the bis Innovation Hub the bank of
Thailand and the Central Bank of the
United Arab emirats the digital currency
Institute of the People's Bank of China
and Hong Kong monetary Authority the Sai
Central Bank excuse me is going is
joining mbridge as a full participant
there are also now more than 26
observing members doesn't that sound
spooky on the on the surface on the
surface doesn't that look like wow there
goes xrp isn't that what xrp was going
to do and I can see why you would think
that but let's look a little deeper okay
look
interoperability how does the project
inridge platform connect to external
systems so how you going to plug this
thing in so you got this thing you can
use your bank your country or whatever
how you going to use it well
interoperability means uh what it it
means exactly what it means right uh all
kinds of different kind of like what
Quant does this doesn't replace Quant
either that's an important thing another
video interoperability with participants
own systems their own systems is
supported by apis based on global ISO 22
messaging standard this is set up for
whatever system your cbdc is this is the
key
point if x X RP so whoever does your
cbdc we know xrp is out there doing
whole countries right we know that
whether there's six or eight countries
being done and they're talking with 30
so these entire nations all of their
money is going to be done with the xrp
Ledger with with ripple and and the
native coin xrp for those of you that
like to know that I get those mixed up
hey track for me let me know if I get
them screwed up I don't have to ask you
I know you will but and it's all good
but I'll probably get those mixed up
okay but my point here is that that it's
the other it's for all systems to use it
so what is the points well these apis
and apis is just basically you can plug
the back of your computer in and you're
hooked up to their main computer system
so you just plug right in that's
basically API extreme basic uh
explanation but but there you go so
whatever system that you have this is
buil to work with it so say you have um
your cbdc is made by Ripple or you're
wanting to send an an N xrp payment so
what is the point of this well if you're
wanting to send now this we're FASTT
tracking this particular explanation on
this but I just wanted to give you this
information just to Stave off any thud
that you may get from people who haven't
looked deep into this and and wrapped
their head around it so so here's
basically what's happening as I
understand it after hours and hours of
reading so some of y'all may know more
about it let me know but um I I'm I'm
pretty right on this particular point
they they will use xrp not everybody but
those that choose xrp will use xrp can
you use xrp payments with bis with the
cross border payments absolutely so what
is the point well the point of this
particular block chain
idea that they're talking about here
with mbridge first of all it's in the
name it's a bridge it's a bridge for all
kinds of people working sort of like how
you would think Quant to be um except
what they're doing is creating a system
of uh
regulatory um channels that once you
send the payment through there the uh it
it's uh wrapped up with all the
regulatory problems solved with all the
compliance with all the compliance that
needs to be for all of the different
countries that problem's solved by
sticking it in there and shooting it
through their little system you're
you're covered totally with
regulatory deals you don't have to so so
each thing doesn't have to go through a
regulatory um um you know process where
every little coin has to be be regulator
uh I don't know if that's even a word
but approved you know you can put it in
this so then the payment is now wrapped
in this regulatory deal shot through to
wherever it goes and it's considered
good um because they wanted to cover all
of the bases of sending payments with
multiple systems and that's what this is
for this is a system for API and
Regulatory Clarity and governance for
people to use whatever system they want
to to send payments so that is a that is
probably the quickest way I could bring
this you know here we are at 11 12
minutes getting into 15 minutes but I
wanted to at least give that much of the
information out there so that you didn't
get some kind of Runaway Runaway trained
thought and fear of fud that oh my God
they've just replaced xrp with their own
system that's not what happen that's not
what they're looking to do um I have
another uh just another clue to prove
that but when you read through that and
you and you look at each word and you
see where they're plugging you in and
saying whatever system you use and blah
blah blah blah blah this isn't an
assistant to whatever you're using so
it's still the same thing people will
pick and choose some may use xlm some
may use xrp some may use whatever
they're going to use to do their
International payments the bis has
offered this for uh basically it started
off for small countries they also have
set up uh a thing called ice breaker
which is uh for some of the northern
countries you know Iceland I think and
the Netherlands and several other
countries why they call it Icebreaker
that have currencies that have a um a
low amount of liquidity because there's
not a high need for it and what
Icebreaker does is similar to what xrp
does now xrp will do the same thing so
if they decide to use xrp they won't
need Icebreaker but what Icebreaker does
is it's a smart contract that takes your
currency that isn't very exchangeable
because there's not a lot of liquidity
maybe it's a small country nobody wants
that particular coin that much what they
do is find the the smart contract in ice
breakers finds a coin that it can
translate it into and out of and then
does that for them to give it to the
bank or the person that needs to receive
it so it does the conversion process on
on the hard to-do cases this is
something also xrp can do but they
they've kind of devised a smaller system
is what it appears to me to condense all
of that activity into something small
because it won't be giant transactions
and instead of xrp you know is going to
be doing big stuff you know the the
mainline stuff this will concentrate it
all and put it where there's more
liquidity if everybody uses the same
little small system and that's the bank
of international set settlements
solution
now there's a another aspect of this and
that is concerning Quant so I'm at the
end of this particular video I know I
didn't do an exhaustive study and a
great job and this is just kind of just
covering the idea very basically that
that was the point of today's video
trying to keep them under an hour I
don't like the big long videos because
it you know that they don't get a lot of
attention and so and then people usually
click out before they even get to this
point there's many people that already
clicked out of this video and they
didn't even get to the conclusion you
can tell in the comments anyway I'm
putting a video up here by my buddy
crypto Maximus um and it's uh going over
Quant how extremely relevant Quant is
even with the inridge and all that how
that how that it's um mixed in with it
and there's even a lot of people saying
that this inridge is basically xrp I
wouldn't go that far um but it's openly
stated that the reason this is being
done is because of the weaponization of
the United States I mean they just come
out and say that out loud these
countries are upset that uh the United
States had influence influence over the
Swift system and were cutting people off
and so this is to safeguard these
countries they're creating the bis has
created this system for a governance
thing to keep the United States from
weaponizing this stuff that's literally
why it was made so when they're shooting
the money through there see it's going
to meet a lot of obligations you so so
you see the point is to keep the US out
of it and uh many of these people are
dropping many of these countries are
dropping the dollar because of that
stuff anyway I'm I'm putting that video
up for um for Quant and how Quant is
still still super relevant uh me and
crypto Maximus talked today about it and
uh he doesn't know I'm putting this
video up but I want you to see it it's
freaking awesome that's all I got for
you today please like And subscribe if
you like this content we may talk about
more of this in the future tell me your
thought thoughts in the comments I'll
talk to you later we'll see you next
video
関連動画をさらに表示
How close is the world to the widespread rollout of CBDCs & what is RBI's pilot project
Why central banks want to launch digital currencies | CNBC Reports
Zoniqx: Built on XRPL Series | Episode 2
Best Forex Cards for Students: Zero Markup Fees!
What is Ripple? (XRP, IOUs, Gateway and Validators Explained)
When To Open A Bank Account For Your LLC?
5.0 / 5 (0 votes)