Saudi Arabia’s recent decision to join the mBridge project marks a pivotal moment in the realm of central bank digital currencies (CBDCs) and global economic dynamics. The mBridge initiative, launched in 2021 by China with support from the Bank for International Settlements (BIS), aims to create a unified platform for CBDCs, enhancing cross-border payment efficiencies and reducing reliance on traditional currencies. Initially involving central banks from China, Hong Kong, Thailand, and the UAE, Saudi Arabia’s inclusion underscores its strategic intent to modernize its financial ecosystem and decrease dependence on physical cash.
Historically, the USD has dominated international trade and reserves, but initiatives like mBridge aim to promote a multipolar currency system. By facilitating faster and cheaper cross-border transactions using CBDCs, the project could reduce the USD’s role in global trade, especially in critical sectors such as oil, where Saudi Arabia is a major exporter. The adoption of CBDCs for commodity settlements could provide an alternative to the USD, challenging its hegemony. Read Full Article
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