Saudi Arabia Joins Hands with Other Central Banks for CBDC Project
CryptoNewsTerminal Staff07 Jun, 2024
Saudi Arabia Joins Hands with Other Central Banks for CBDC Project
Saudi Arabia's Central Bank, known as the Saudi Central Bank (SAMA), has joined mBridge, a multilateral central bank digital currency (CBDC) project, according to a recent report by CoinDesk. This move signifies Saudi Arabia's commitment to exploring the potential of CBDCs in collaboration with other central banks around the world. Currently, mBridge is in its minimum viable product (MVP) phase, which involves 27 institutions and six central banks. These central banks include China, Hong Kong, Thailand, the United Arab Emirates, and now Saudi Arabia. This collaboration demonstrates the growing interest in CBDCs and the potential for cross-border cooperation in this emerging field.
