Lena Petrova: West Shut Down mBridge but Failed to Stop the Global South
Lena Petrova: West Shut Down mBridge but Failed to Stop the Global South
11-7-2024
As the world becomes increasingly multipolar, the narrative surrounding economic alliances has shifted dramatically. The BRICS nations—Brazil, Russia, India, China, and South Africa—have long been seen as a counter-force to Western domination in global affairs.
Recent events surrounding the West’s investment in and subsequent shutdown of mBridge, a digital currency bridge designed to facilitate cross-border transactions, only underline the resilience and determination of the Global South to forge its own path.
mBridge was conceived as a revolutionary digital currency project aimed at streamlining international transactions among participating nations, primarily focusing on simplifying trade across Asia and beyond. Sponsored by central banking authorities from China, Hong Kong, Thailand, and the UAE, the initiative promised to minimize reliance on traditional banking systems, reduce transaction costs, and promote greater financial inclusion.
However, the West viewed this emerging financial network with suspicion. With the idea of creating an alternative to the US dollar—a financial backbone of global trade—mBridge was perceived as a direct challenge to existing economic hegemony. This culminated in pressure tactics and sanctions aimed at stifling its development and adoption.
The West’s attempt to undermine mBridge isn’t the first instance of economic sanctioning in the geopolitical arena. Various nations have been victim to similar strategies, aiming to weaken economies through a combination of targeted sanctions, investment restrictions, and diplomatic isolation. In the case of mBridge, the West’s actions were intended to render the platform impotent by prohibiting collaboration with Western financial and technological institutions.
But history often teaches us that such tactics can bring about unintended consequences. Instead of halting the progress of alternative financial systems, these sanctions have galvanized the Global South to deepen its collaboration, exploring alternative means to circumvent Western control.
While the West sought to stifle mBridge, BRICS countries have united in their resolve to pursue financial independence. Recent discussions and initiatives among BRICS members hint at collaborative efforts to design and implement their own cross-border payment systems. The narrative has shifted from one of dependency on Western models to creating autonomous financial systems that reflect the interests and needs of the Global South.
The BRICS framework is not just about economic mechanisms; it represents a profound ideological shift towards a more equitable multipolar world. By embracing collective decision-making and shared ownership of their economic future, BRICS nations embody the aspirations of many countries that feel overlooked or marginalized in the existing order.
The West’s failure to stifle mBridge reveals a significant truth: the Global South will not quietly acquiesce to external pressures. Instead, they have shown the capability and willingness to harness their collective power to create a system that favors mutual growth and sustainability.
As global dynamics continue to evolve, the story of mBridge serves as a potent reminder: attempts to suppress innovation and progress are as likely to inspire resilience and obstinance as they are to create compliance. The BRICS nations stand firm in their commitment to constructing a financial framework reflective of their priorities and goals.
The “sanctioned” state of BRICS should be viewed not through the lens of Western triumph but as a testament to the power of unity and sovereignty among nations determined to shape their destinies. As the Global South forges ahead, it’s clear that the future is not solely written by the West, and the race for financial independence will only gain momentum in the years to come.
Watch the video below from Lena Petrova featuring Warwick Powell for further insights and information.