🚨🇨🇳 𝗕𝗜𝗥𝗧𝗛 𝗢𝗙 𝗧𝗛𝗘 𝗣𝗘𝗧𝗥𝗢-𝗬𝗨𝗔𝗡🇨🇳🚨

Saudi Arabia is exploring accepting oil payments in currencies other than the U.S. dollar and has joined the @BIS_org #mBridge project, a global initiative to use #digitalcurrencies for easier and faster international payments.

🇺🇸 While the U.S. dollar will still be the main currency for most transactions, this move helps #SaudiArabia diversify its payment methods, especially with China being its biggest oil buyer. 🛢

The mBridge project, which includes countries like #China 🇨🇳, #HongKong 🇭🇰, #Thailand 🇹🇭, and the #UAE 🇦🇪, aims to improve #crossborder transactions using #CBDCs.

Notably, @Ripple's connections with the @SAMA_GOV and the @BIS_org could facilitate the integration of innovative financial technologies into the mBridge project. This includes the use of CBDCs as native tokens on distributed ledgers, with $XRP serving as a neutral bridge currency.

Such advancements align with Saudi Arabia's #Vision2030 to diversify its economy and reduce reliance on #oil revenues.