The Central Bank of Saudi Arabia will also participate in the mBridge project
The Bank for International Settlements (BIS) based in Basel, Switzerland reported that the Central Bank of Saudi Arabia will participate fully in the mBridge projecta platform launched in 2021 by the central banks of the People’s Republic of China (and Hong Kong), Thailand and the United Arab Emirates.
Riyadh joining the Beijing-led digital currency transfer experiment could lead to the further reduction of global hydrocarbon trade carried out in US dollars.
Bis also announced that mBridge has passed the first testing phase (minimum viable product) and will now be able to continue with further consolidation and expansion steps.
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