Saudi Arabia Joins BIS’ CBDC Project mBridge as a Full Participant

Saudi Arabia’s central bank has joined Project mBridge – a cross-border experiment with central bank digital currencies (CBDCs) for international trade – as a full participant, the Switzerland-based Bank for International Settlements (BIS) announced Wednesday. Project mBridge was launched in 2021 as a collaboration between the BIS’ innovation arm and the central banks of China, Hong Kong, Thailand and the United Arab Emirates (UAE) to test the viability of CBDCs for instantaneous cross-border trade and other payments using the project’s blockchain, the mBridge Ledger. BIS also announced Wednesday that Project mBridge has reached the MVP stage.

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