ChainCatcher reported that the Swiss-based Bank for International Settlements (BIS) announced on Wednesday that the Saudi Arabian Central Bank has joined the mBridge project, a cross-border experiment using central bank digital currency (CBDC) for international trade.

Launched in 2021, the mBridge project is a collaboration between the BIS Innovation Department and the central banks of China, Hong Kong, Thailand and the United Arab Emirates (UAE) to test the feasibility of CBDC using the project's blockchain mBridge Ledger for instant cross-border trade and other payments.