Have You Heard Of "Project mBridge"? June 11, 2024

 

Saudi Arabia Joins CBDC mBridge to End US Dollar Dominance

Project mBridge is a cross-border platform that uses central bank digital currencies (CBDCs) to facilitate wholesale payments and settlements. The project was launched in 2021 by the Bank for International Settlements (BIS) Innovation Hub and the central banks of China, Hong Kong, Thailand, and the United Arab Emirates (UAE). In June 2024, the project reached the minimum viable product (MVP) stage, making it ready for early adopters. Saudi Arabia's central bank also recently joined the project as a full participant. 

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