BIS Asks Banks to Join China-Backed Digital Cash-Sending Project…Saudi Arabia joins mBridge as full participant

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Saudi Arabia has recently become a “full participant” in Project mBridge, a cross-border trial for central bank digital currencies (CBDCs) led by China. This collaboration, initiated in 2021, includes the central banks of China, Hong Kong, Thailand, and the United Arab Emirates. The Bank for International Settlements (BIS), which oversees the project, announced this development. With Saudi Arabia’s participation, we can expect to see an increase in commodity settlement on the platform outside of U.S. dollars, especially in oil trade. The mBridge transactions utilize the same code as China’s e-yuan. Additionally, the mBridge platform is now compatible with the Ethereum Virtual Machine, allowing it to serve as a testbed.

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Platform could challenge dollar dominance of payment systems

Saudi central bank joins participants, 26 others observe

The Saudi Central Bank joins the central banks of China, Thailand, Hong Kong and the United Arab Emirates in the project.

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.

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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.


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