Exploring New Pathways for Cross-Border Payment Systems in the Context of Fi-nancial Sanctions:A Comparative Analysis of SWIFT and mBridge
In the context of geopolitical conflicts and economic uncertainty,the breadth and depth of the implementation of financial sanctions continue to expand.SWIFT,as a tool for cross-border payment financial sanctions,has caused new challenges to the financial security of various countries.The Multilateral Central Bank Digital Currency Bridge(mBridge),jointly initiated by the Digital Currency Research Institute of the People's Bank of China,the Hong Kong Monetary Authority,the Central Bank of Thailand and the Central Bank of the United Arab Emirates,provides a new path for cross-border payments.This article sorts out the root causes of SWIFT sanctions,systematically elaborates on the innovative mechanism of mBridge in terms of payment structure,liquidity management,foreign exchange,governance methods,network transmission content and mesh based transactions,and analyzes its unique advantages in the digital economy and for small and medium-sized enterprises.It is expected to become a promising alternative to counter SWIFT sanctions.This article suggests leveraging the de-velopment of mBridge as an opportunity to expand the share of RMB in international settlement and invoicing,thereby promoting the internationalization of RMB.It can also provide a strategic response plan to mitigate the potential financial sanctions and secondary sanction risks faced by various countries.
Financial SanctionsCross-Border PaymentSociety for Worldwide Interbank Finan-cial Telecommunicationmulti-CBDC Bridge
万方数据
