Saudi Arabia joins China and UAE in digital currency project


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June 5, 2024 Saudi Arabia is the latest country to join a multi-country initiative for central bank digital currency (CBDC), amid increasing interest from the Gulf state in futuristic forms of money. The Bank for International Settlements (BIS) announced on Wednesday that Saudi Arabia is joining Project mBridge as a “full participant.” The project explores a multi-central bank digital currency platform to enable cross-border payments, the bank said in a press release on Wednesday. BIS is a financial institution that is owned by its member central banks. The bank’s goal is to support cooperation between central banks and serve as...