Through the M-Bridge project, which employs central bank digital currencies (CBDCs), China is aiding Russia in bypassing economic sanctions and diminishing the US dollar's global reserve status.
The initiative seeks to create a self-reliant financial network for BRICS members, including Brazil, Russia, India, China, South Africa, and additional countries like Iran and Egypt.
Although BNY Mellon still seeks approval from other regulators, its move into crypto custody could boost confidence and investment in the sector, potentially driving significant market growth.
Following rate cuts by the US Federal Reserve, BlackRock emphasises that rising debt and geopolitical tensions could undermine traditional assets, positioning Bitcoin as a potential hedge.