Saudi Arabia officially joins the International Bank for Settlements' CBDC project mBridge

ChainCatcher news, the Bank for International Settlements (BIS), headquartered in Switzerland, announced on Wednesday that the Saudi Arabian central bank has joined the mBridge project, a cross-border experiment using central bank digital currencies (CBDC) for international trade.
The mBridge project was launched in 2021 as a collaborative initiative between the BIS Innovation Hub and the central banks of China, Hong Kong, Thailand, and the United Arab Emirates (UAE), aimed at testing the feasibility of using CBDC for instant cross-border trade and other payments on the project's blockchain, the mBridge Ledger.