As a seasoned crypto investor with a deep understanding of the central banking system and digital currencies, I’m thrilled to see Saudi Arabia’s central bank joining Project mBridge as a full participant. This collaboration between the Bank for International Settlements (BIS) and various central banks is a significant step towards the mainstream adoption of Central Bank Digital Currencies (CBDCs) for international trade.
As a crypto investor, I’m thrilled to hear that Saudi Arabia’s central bank has taken a significant step forward in the world of digital currencies by joining Project mBridge as a full participant. This collaboration with the Bank for International Settlements (BIS) is an exciting cross-border experiment involving central bank digital currencies (CBDCs), which could revolutionize international trade. Stay tuned for more updates on this groundbreaking development!
In 2021, the BIS Innovation Hub initiated a partnership between itself and the central banks of China, Hong Kong, Thailand, and the UAE to explore the potential of central bank digital currencies (CBDCs) for swift cross-border transactions and other payments through the mBridge Ledger project.
BIS declared on Wednesday that Project mBridge, which has been under development for three years, has now advanced to the minimum viable product (MVP) phase. The bank invites financial institutions in the private sector to submit innovative ideas and applications that can enhance the platform and fully demonstrate its capabilities.
Six entities are the full members of mBridge’s project, while 27 other organizations, such as the IMF, the World Bank, and central banks from countries like Norway, South Korea, and Turkey, have joined as observers. They receive the opportunity to test the technology in a experimental environment.
Some of the world’s prominent financial institutions, such as Goldman Sachs, HSBC, and China’s top six state-owned banks, are actively involved in the initiative.
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2024-06-07 01:22