(Photo= Yonhap news)

[Alpha Biz= Reporter Kim Jisun] It has been reported that the Central Bank of Saudi Arabia has joined the Central Bank Digital Currency (CBDC) project underway by central banks in China, Hong Kong, Thailand, and the United Arab Emirates (UAE).

According to CoinDesk US on the 7th (local time), the Bank for International Settlements (BIS) announced on the 5th that Saudi Arabia has joined the inter-country CBDC project 'mBridge'.

mBridge is a project initiated in 2021 by the central banks of China, Hong Kong, Thailand, and the UAE to develop a system for trading CBDCs.

On this day, the BIS stated that mBridge has reached the 'minimum viable stage' after about three years and also mentioned that it proposed new solutions to private sector financial companies.

In addition to official participating institutions, the mBridge project has 27 institutions, including the International Monetary Fund (IMF), the World Bank, the Bank of Korea, the Central Bank of Norway, and the Central Bank of Turkey, participating as observers. It is reported that they have received regulatory sandbox permits for free technology experimentation.

Furthermore, major global financial institutions such as Goldman Sachs and HSBC are also participating as observers in this project.

 

 

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