Saudi Arabia has joined the international digital platform mBridge

The Saudi Arabian Central Bank Authority (SAMA) said that joining the international digital platform mBridge as a full participant will speed up and facilitate cross-border settlements between financial institutions from different jurisdictions.

“SAMA is actively exploring the potential of wholesale central bank digital currencies to assess the possibility of their use in expanding the geography of cross-border payments, as well as providing cheaper, faster, inclusive and transparent transactions in the supply of crude oil and petroleum products,” SAMA commented.

In February, the United Arab Emirates and China conducted their first cross-border CBDC transaction totaling $13.6 million using the digital dirham and digital yuan.

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