Saudi Arabia Joins China-Led CBDC Project for Cross-Border Trade Saudi Arabia has joined Project mBridge, a central bank digital currency (CBDC) cross-border trial led by China and supported by the Bank for International Settlements (BIS). This project, which includes central banks from China, Hong Kong, Thailand, and the UAE, aims to facilitate cross-border transactions and reduce reliance on the U.S. dollar in global oil trade. The BIS announced that Project mBridge has achieved the “minimum viable product” stage, advancing beyond the prototype phase. The initiative highlights the growing global interest in CBDCs, with 135 countries exploring their potential despite technical and political challenges. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts U.S. Bankruptcies Experience Significant Increase in 2023, Expected to Rise Further in 2024 READ MORE World Gold Council Survey: 29% of Central Banks to Increase Gold Holdings in 2024 READ MORE Powell's Speech and Job Data in Focus as Dollar Climbs on Yield Surge READ MORE The CPI Metric That’s Lower Today Than It Was in 1800 READ MORE Commodities Cool Off Ahead of Key Economic Data READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment