Saudi Arabia joins BIS-led central bank digital currency trial
LONDON - Saudi Arabia has joined a major BIS-led central bank digital currency cross-border trial, in what could be another step towards less of the world's oil trade being done in US dollars.
The BIS, a global central bank umbrella organisation that oversees the project, also announced that mBridge had reached the "minimum viable product" stage, meaning it will move beyond the pro-type phase. "The most advanced cross-border CBDC project just added a major G20 economy and the largest oil exporter in the world," said Josh Lipsky, who runs a global CBDC tracker, at the US-based Atlantic Council.
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