Turkey prepares for changes with m-bridge testing and shifts to yuan for oil trade, bypassing dollar dependence.

Project mBridge and CBDCs:

• Project mBridge is a multilateral initiative involving central banks and commercial banks. It aims to explore a multi-central bank digital currency (CBDC) platform built on distributed ledger technology (DLT) for instant cross-border payments and settlement¹.
• The project involves collaboration between the 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 Saudi Central Bank has also joined as a full participant.
• The mBridge platform uses a new blockchain called the “mBridge Ledger” to facilitate real-time, peer-to-peer cross-border payments using CBDCs.
• As of June 2024, there are more than 26 observing members participating in Project mBridge, including central banks from various countries and international organizations

Turkey understands that m-bridge testing happens on Monday – Tuesday

And the unveiling of the gold-backed digital (tokens) yuan payment system in the oil trade as early as Wednesday.

Turkey will need RMB, not dollars held as reserves.

This allows Turkey to default on their… t.co/avpZoFH7dn

— MikeCristo8 (@MikeCristo8) June 9, 2024