#Саудовская Arabia joins China-led initiative #CBDC to revamp oil trade
Saudi Arabia joining the mBridge project. This significant event contributes to the development of innovative cross-border payment infrastructure and opens up new opportunities for efficient oil trading.
The oil producer is expected to be able to use the central bank digital currency (CBDC) project to settle oil trades. This will simplify and speed up the process of making payments, increasing the efficiency of operations and reducing risks.
The program aims to reduce dependence on the US dollar in oil trade between China and Saudi Arabia, which could have a significant impact on global financial markets. It also highlights the desire of countries to diversify their foreign exchange transactions and strengthen their position in the global economy.
This is an important step in the development of financial technology and international trade, which will affect the global economy and financial markets.