๐จ๐จ๐ณ ๐๐๐ฅ๐ง๐ ๐ข๐ ๐ง๐๐ ๐ฃ๐๐ง๐ฅ๐ข-๐ฌ๐จ๐๐ก๐จ๐ณ๐จ
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.
๐บ๐ธ 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. ๐ข
The mBridge project, which includes countries like #China ๐จ๐ณ, #HongKong ๐ญ๐ฐ, #Thailand ๐น๐ญ, and the #UAE ๐ฆ๐ช, 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.