mBridge
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🏦 Bank for International Settlements (BIS) reports 25 member companies in the mBridge multilateral central bank digital currency (CBDC) project, with 11, including the Bank of Korea, involved in the regulatory sandbox. Mbridge aims to launch the Minimum Viable Project by mid-next year. #CBDCProject #mBridge 🌐💰📅🚀
Saudi Arabia Joins Project mBridge: A New Era for CBDCs and Oil Trade?
Disclaimer: Nothing in this article constitutes investment advice. It is purely sensational informational educational content.
In a significant move, Saudi Arabia has joined Project mBridge, a China-led initiative focused on developing a cross-border Central Bank Digital Currency (CBDC) platform. This decision signals a potential shift away from the longstanding petrodollar arrangement and could reshape global oil trade dynamics.
The End of the Petrodollar?
For decades, Saudi Arabia has been a cornerstone of the petrodollar system, where oil transactions are predominantly conducted in U.S. dollars. However, with the U.S. increasing its unconventional oil production, the dynamics of the global oil market have evolved, prompting Saudi Arabia to explore new avenues.
Enter Project mBridge
Launched in 2021, Project mBridge is a collaborative effort among the central banks of China, Hong Kong, Thailand, and the UAE. The project aims to create a multi-CBDC platform utilizing distributed ledger technology (DLT) to enable instant cross-border payments and settlements. Saudi Arabia's recent inclusion as the sixth full participant underscores the project's growing international traction.
Strategic Implications
Josh Lipsky of the Atlantic Council noted, “The most advanced cross-border CBDC project just added a major G20 economy and the largest oil exporter in the world.” This suggests an impending increase in commodity settlements outside the dollar, leveraging the new technology.
Global Impact and Observers
The Bank for International Settlements (BIS) has announced that Project mBridge has reached its minimum viable product (MVP) stage, marking significant progress. With over 26 global entities, including the IMF, World Bank, and ECB, observing the project, its impact on global financial systems could be profound.
Contrasting U.S. Approach
While Saudi Arabia embraces CBDCs, the U.S. has taken a different stance. The U.S. House of Representatives recently passed the CBDC Anti-Surveillance State Act, preventing the Federal Reserve from issuing a CBDC. Despite this, a BIS survey revealed that 94% of central banks are actively exploring CBDCs, highlighting a global trend towards digital currencies.
Conclusion
Saudi Arabia's participation in Project mBridge could redefine global CBDC adoption and oil trade dynamics. As the project progresses, the world watches closely, anticipating a potential shift in the balance of global financial power.
Stay informed with the latest updates on Project mBridge and its implications for the global economy.
Disclaimer: This does not constitute investment advice. All trading and investment decisions involve risk, and readers should conduct their own research before making any decisions.
#BinanceTournament #mBridge
In a significant move, Saudi Arabia has joined Project mBridge, a China-led initiative focused on developing a cross-border Central Bank Digital Currency (CBDC) platform. This decision signals a potential shift away from the longstanding petrodollar arrangement and could reshape global oil trade dynamics.
The End of the Petrodollar?
For decades, Saudi Arabia has been a cornerstone of the petrodollar system, where oil transactions are predominantly conducted in U.S. dollars. However, with the U.S. increasing its unconventional oil production, the dynamics of the global oil market have evolved, prompting Saudi Arabia to explore new avenues.
Enter Project mBridge
Launched in 2021, Project mBridge is a collaborative effort among the central banks of China, Hong Kong, Thailand, and the UAE. The project aims to create a multi-CBDC platform utilizing distributed ledger technology (DLT) to enable instant cross-border payments and settlements. Saudi Arabia's recent inclusion as the sixth full participant underscores the project's growing international traction.
Strategic Implications
Josh Lipsky of the Atlantic Council noted, “The most advanced cross-border CBDC project just added a major G20 economy and the largest oil exporter in the world.” This suggests an impending increase in commodity settlements outside the dollar, leveraging the new technology.
Global Impact and Observers
The Bank for International Settlements (BIS) has announced that Project mBridge has reached its minimum viable product (MVP) stage, marking significant progress. With over 26 global entities, including the IMF, World Bank, and ECB, observing the project, its impact on global financial systems could be profound.
Contrasting U.S. Approach
While Saudi Arabia embraces CBDCs, the U.S. has taken a different stance. The U.S. House of Representatives recently passed the CBDC Anti-Surveillance State Act, preventing the Federal Reserve from issuing a CBDC. Despite this, a BIS survey revealed that 94% of central banks are actively exploring CBDCs, highlighting a global trend towards digital currencies.
Conclusion
Saudi Arabia's participation in Project mBridge could redefine global CBDC adoption and oil trade dynamics. As the project progresses, the world watches closely, anticipating a potential shift in the balance of global financial power.
Stay informed with the latest updates on Project mBridge and its implications for the global economy.
Disclaimer: This does not constitute investment advice. All trading and investment decisions involve risk, and readers should conduct their own research before making any decisions.
#BinanceTournament #mBridge
Saudi Arabia joins China-led mBridge, exploring alternatives to the petrodollar. With Project mBridge, Saudi aims to reduce dollar dependence by participating in a cross-border CBDC initiative. This shift could reshape global CBDC adoption and oil trade dynamics. Read More! Article
#BinanceTournament #mBridge
#BinanceTournament #mBridge
🚨 Hong Kong and UAE Strengthen Financial Ties! 🚨
At the Invest in UAE Forum, Hong Kong's Joseph Chan revealed exciting news of deepening financial cooperation between Hong Kong and Dubai. 🌏💼
- A licensed insurtech company from Hong Kong has teamed up with the UAE’s oldest insurance firm to focus on digital asset custody insurance, now approved by the UAE Central Bank! 🔐💰
- On the cross-border payments front, the mBridge project is making waves! Collaborating with 5 central banks, including Hong Kong and the UAE, this initiative is exploring the power of wholesale CBDCs. The project, which completed its pilot in 2022, is now expanding with a new MVP stage! 🚀💳
Big things are happening between these global financial hubs!
#HongKong #UAE #CBDC. #fintech #mBridge
- A licensed insurtech company from Hong Kong has teamed up with the UAE’s oldest insurance firm to focus on digital asset custody insurance, now approved by the UAE Central Bank! 🔐💰
- On the cross-border payments front, the mBridge project is making waves! Collaborating with 5 central banks, including Hong Kong and the UAE, this initiative is exploring the power of wholesale CBDCs. The project, which completed its pilot in 2022, is now expanding with a new MVP stage! 🚀💳
Big things are happening between these global financial hubs!
#HongKong #UAE #CBDC. #fintech #mBridge
DO YOU KNOW #mBridge is a collaborative effort between the Bank for International Settlements (BIS) and several central banks to develop a platform for efficient cross-border payments using central bank digital currencies (CBDCs). It aims to address challenges in the current system, such as slow transaction speeds and high costs.
it isn't exactly a traditional payment gateway but rather a project focused on developing a common token CBDCs.
While it wouldn't directly deal with cryptocurrencies like Bitcoin or Ethereum, its success could pave the way for wider crypto adoption by demonstrating the potential of blockchain technology for international transactions. This could increase confidence and interest in cryptocurrencies as a whole.#BRICSCryptoRevolution #Swift
#BRICSDigitalCurrency
it isn't exactly a traditional payment gateway but rather a project focused on developing a common token CBDCs.
While it wouldn't directly deal with cryptocurrencies like Bitcoin or Ethereum, its success could pave the way for wider crypto adoption by demonstrating the potential of blockchain technology for international transactions. This could increase confidence and interest in cryptocurrencies as a whole.#BRICSCryptoRevolution #Swift
#BRICSDigitalCurrency
🌍💱 BREAKING: SAUDI ARABIA ENDS 80-YEAR PETRODOLLAR DEAL WITH U.S.🌍
📢 In Short:
- Saudi Arabia ends 80-year petrodollar deal with the US
- Deal allowed Saudi oil sales in US dollars only
- Saudi can now use other currencies like RMB, Euros, etc
💡 Saudi Arabia has decided not to renew its 80-year petrodollar deal with the United States, which expired on Sunday, June 9, according to media reports. This historic agreement, initially signed on June 8, 1974, played a crucial role in establishing US global economic dominance.
🔍 Background:
The original deal set up joint commissions for economic cooperation and addressed Saudi Arabia's military needs. American officials hoped it would incentivize Saudi Arabia to increase oil production and strengthen economic ties with Arab countries.
🔄 Shift in Policy:
By choosing not to extend this contract, Saudi Arabia is now free to sell oil and other goods using various currencies such as the Chinese RMB, Euros, Yen, and Yuan, instead of only US dollars. There is also speculation about the potential use of digital currencies like Bitcoin for transactions.
🌐 Broader Implications:
This decision signifies a significant departure from the petrodollar system, which was established in 1972 when the US decoupled its currency from gold.
🔗 Project mBridge:
Saudi Arabia has also joined Project #mBridge , a collaborative initiative exploring a digital currency platform shared among central banks and commercial banks. This project aims to facilitate instant cross-border payments and foreign-exchange transactions using distributed ledger technology.
💭 Conclusion:
Saudi Arabia’s decision to end the petrodollar agreement marks the beginning of a significant shift in global economic dynamics. This move could reshape the landscape of global economic influence.
👇 What are your thoughts on Saudi Arabia ditching the Dollar?
How awesome would it be if Saudi would accept #bitcoin ?
Your,
@Professor Mende - Bonuz Ecosystem Founder
#SaudiArabia #Petrodollar #usdollar
$ETH $SOL
📢 In Short:
- Saudi Arabia ends 80-year petrodollar deal with the US
- Deal allowed Saudi oil sales in US dollars only
- Saudi can now use other currencies like RMB, Euros, etc
💡 Saudi Arabia has decided not to renew its 80-year petrodollar deal with the United States, which expired on Sunday, June 9, according to media reports. This historic agreement, initially signed on June 8, 1974, played a crucial role in establishing US global economic dominance.
🔍 Background:
The original deal set up joint commissions for economic cooperation and addressed Saudi Arabia's military needs. American officials hoped it would incentivize Saudi Arabia to increase oil production and strengthen economic ties with Arab countries.
🔄 Shift in Policy:
By choosing not to extend this contract, Saudi Arabia is now free to sell oil and other goods using various currencies such as the Chinese RMB, Euros, Yen, and Yuan, instead of only US dollars. There is also speculation about the potential use of digital currencies like Bitcoin for transactions.
🌐 Broader Implications:
This decision signifies a significant departure from the petrodollar system, which was established in 1972 when the US decoupled its currency from gold.
🔗 Project mBridge:
Saudi Arabia has also joined Project #mBridge , a collaborative initiative exploring a digital currency platform shared among central banks and commercial banks. This project aims to facilitate instant cross-border payments and foreign-exchange transactions using distributed ledger technology.
💭 Conclusion:
Saudi Arabia’s decision to end the petrodollar agreement marks the beginning of a significant shift in global economic dynamics. This move could reshape the landscape of global economic influence.
👇 What are your thoughts on Saudi Arabia ditching the Dollar?
How awesome would it be if Saudi would accept #bitcoin ?
Your,
@Professor Mende - Bonuz Ecosystem Founder
#SaudiArabia #Petrodollar #usdollar
$ETH $SOL