Saudi Arabia has announced its participation in the mBridge project, aimed at enhancing cross-border payments through central bank digital currencies (CBDCs). The Saudi Central Bank (SAMA) will join as a full participant, potentially facilitating increased local currency transactions in oil trade between China and Saudi Arabia. The mBridge project, initiated by the Bank for International Settlements, has reached the minimum viable product (MVP) stage, allowing commercial banks within the six participating members to utilize real cross-border payments.
