Milan Ignjatovic, ICT & Economics Expert

03Sep 2025 by Milan Ignjatovic

The Silent Revolution: BIS Project mBridge is Weaponizing Money and Bypassing SWIFT

Project mBridge, also known as the Multiple Central Bank Digital Currency (mCBDC) Bridge, is an ambitious worldwide project that has the capability to disrupt cross-border payments. It's a multi-CBDC system based on distributed ledger technology (DLT) that facilitates low-cost, peer-to-peer, and real-time cross-border payments and foreign exchange transactions. Who's Behind It The effort is a collaborative effort by the Bank for International Settlements (BIS) Innovation Hub Hong Kong Centre and a coalition of central banks and monetary authorities including: Hong Kong Monetary Authority (HKMA) Bank of Thailand (BOT) Digital Currency Research Institute of the People's Bank of China (PBC DCI) Central Bank of the United Arab Emirates (CBUAE) The Saudi Central Bank recently joined as a full participant. The project further incorporates an observing members list of other central banks…

31Aug 2025 by Milan Ignjatovic

NATO vs. BRICS: The Economic Battle is Already Over, And the West Doesn’t Know It

Economy

For decades, the North Atlantic Treaty Organization (NATO) was the world's unquestioned economic and military hegemon, driven primarily by the colossal power of the United States and its wealthy European allies. But with the passing of the 21st century, a new economic giant has emerged to take center stage: BRICS. Including Brazil, Russia, India, China, South Africa, and its newly expanded list of nations, BRICS is more than an emerging power but a swiftly rising challenger that promises to shake up the world economic order. We examine their past performance, current standing, and the stark predictions for the future, considering all the most important measures from GDP to debt, demography, and the boiling de-dollarization initiatives. A Look Back: NATO's Unchallenged Zenith The latter half of the 20th century was the…

27Aug 2025 by Milan Ignjatovic

Kenya’s Debt Bet: Is This the Beginning of the End for the US Dollar in Africa?

Economy

Kenya is at the forefront of a shifting global economic landscape, undertaking a calculated and strategic pivot away from traditional financial systems. This move is driven by a desire to reduce its debt burden, diversify its economy, and assert greater control over its financial destiny. The core of this strategy is a dual-pronged approach involving a push for de-dollarization and a strong interest in joining the BRICS economic bloc. At the heart of Kenya's immediate plans is the negotiation to restructure a massive $5 billion loan for its Standard Gauge Railway (SGR) from China. Kenya is seeking to convert this debt from U.S. dollars into Chinese yuan. This is more than just a currency swap; it is a critical step aimed at significantly lowering interest rates and easing the financial…

24Aug 2025 by Milan Ignjatovic

The Gold War: Why Central Banks Are Losing Trust in the West

Economy

For decades, central banks around the world trusted major financial hubs like London and New York to store their gold reserves. This practice, a legacy of a more stable global order, is now being rapidly reversed. In a powerful display of a new geopolitical reality, a growing number of countries are engaging in gold repatriation, choosing to bring their national bullion home. This trend is not a matter of convenience; it is a strategic move for financial sovereignty and security in an increasingly uncertain world. The Driving Forces Behind the Trend: Geopolitical Risks and Sanctions The primary catalyst for gold repatriation is the rising geopolitical risk and the weaponization of the global financial system. The freezing of Russia's foreign currency reserves in 2022 served as a stark wake-up call for…

23Aug 2025 by Milan Ignjatovic

The Old Guard’s Last Stand: SWIFT’s Blockchain Bet on XRP and HBAR

Financial System Fundamentals

SWIFT, the global financial messaging network responsible for over $150 trillion in annual cross-border payments, is taking a significant step into the digital age. The company has officially begun trials with two prominent blockchain networks, Ripple's XRP Ledger (XRP) and Hedera's Hashgraph (HBAR). This initiative is a clear signal that the world of traditional finance is no longer just observing; it's actively integrating with distributed ledger technology (DLT). This move isn't about a sudden overhaul but a strategic, gradual integration. The primary objective is to make international money transfers faster, cheaper, and more transparent. By leveraging the unique capabilities of XRP and HBAR, SWIFT aims to modernize the global financial infrastructure while ensuring compatibility with existing banking systems. A New Standard for Global Finance: ISO 20022 and DLT A key…

23Aug 2025 by Milan Ignjatovic

Congo’s Currency Rebellion: Is This the End of the Dollar’s Reign in Africa’s Mineral Heartland?

Economy

The Democratic Republic of Congo (DRC) is embarking on a significant economic shift under its new central bank chief, André Wameso. The main goal is to reduce the country's heavy reliance on the U.S. dollar, a policy known as "de-dollarization," and strengthen its own currency, the Congolese franc. This strategic move isn't about eliminating the dollar entirely but rather about giving the nation greater control over its economic future. The Push for De-dollarization For years, the Congolese franc has struggled with instability, leading many citizens and businesses to prefer using the U.S. dollar for transactions and savings. This widespread use of a foreign currency limits the central bank's ability to manage its own economy. By promoting the franc, the DRC aims to regain control over its monetary policy, allowing it…

19Aug 2025 by Milan Ignjatovic

Is Pakistan Ditching the Rupee for a New Digital Currency

Financial System Fundamentals

In a significant move to modernize its financial landscape, Pakistan is advancing its plans for a Central Bank Digital Currency (CBDC) with a strategic partnership. The State Bank of Pakistan (SBP) has selected Japanese blockchain technology firm, Soramitsu, to collaborate on a pilot program for a digital version of the Pakistani rupee. This collaboration is part of Pakistan's broader effort to embrace digital finance and promote financial inclusion. The Regulatory Foundation: The Virtual Assets Act, 2025 This initiative follows the formal approval of the Virtual Assets Act, 2025, a landmark piece of legislation that provides a legal and regulatory framework for virtual assets. Approved in July 2025, the act is a crucial first step, moving digital assets from a legal gray area into a structured environment. The act is a…

18Aug 2025 by Milan Ignjatovic

The End of the Dollar? BRICS Pay Is Here to Rewrite the Rules of Global Finance

Financial System Fundamentals

The global financial landscape, shaped for decades by systems like Bretton Woods and Jamaica agreements, is on the cusp of a significant transformation. As the Bank for International Settlements (BIS) warns of increasing fragmentation and rising global debt, a new initiative, BRICS Pay, is emerging as a potential solution to these challenges. This new payment system is designed to be a decentralized, fair, and accessible alternative to existing centralized services, aiming to foster global cooperation and address critical issues like poverty and hunger. A Bridge, Not a Barrier BRICS Pay is not positioned as a rival to existing payment systems like Visa or Mastercard. Instead, it aims to act as a system of "bridges and payment gateways," connecting international, national, and commercial payment networks. The goal is to provide seamless,…

16Aug 2025 by Milan Ignjatovic

The Future of the Swiss Franc: SNB Engages Public in New Banknote Design

Bank news

The Swiss National Bank (SNB) is taking a forward-thinking approach to the future of cash, publishing a dozen possible designs for a new banknote series and inviting public feedback. This move signals a strong commitment to maintaining cash as a relevant and secure form of payment for decades to come. A New Theme: "Switzerland and its Altitudes" 🏞️ The new, tenth banknote series will feature a unique theme: “Switzerland and its altitudes.” This concept moves away from the previous series’ focus on abstract ideas and instead pays homage to the country’s diverse topography, from its lowest valleys to its highest peaks. Each of the six denominations will represent a different altitude zone, including: 10-franc note: The lowlands 20-franc note: The Central Plateau 50-franc note: The Jura 100-franc note: The Pre-Alps…

10Aug 2025 by Milan Ignjatovic

EBA sees cryptocurrencies as a risk, or is it another attempt to stand in the way of cryptocurrencies for EU banks

Economy

The European banking sector is on the verge of a landmark regulatory change. The European Banking Authority (EBA) has finalized its draft regulatory technical standards (RTS), which will impose a punishing 1,250% risk weight on unbacked cryptocurrencies like Bitcoin and Ether. This move isn't a simple tweak to a rulebook; it’s a powerful statement from European regulators that reflects a deep-seated caution about the risks crypto-assets pose to financial stability. By understanding the "how" and the "why" behind this decision, we can see the EBA's full strategy: to discourage banks from holding these volatile assets while building an impenetrable firewall between the crypto market and the traditional banking system. How the Rules Work: The Logic Behind the 1,250% Risk Weight The 1,250% figure may sound arbitrary, but it’s a deliberate…