BRICS Currency: Saudi Arabia Join mBRIDGE Project

Project mBridge is a collaborative initiative involving the Bank for International Settlements (BIS) and several central banks aimed at developing a multi-CBDC (Central Bank Digital Currency) platform. The main participants include: • People’s Bank of China (Digital Currency Institute). • Hong Kong Monetary Authority. • Bank of Thailand. • Central Bank of the United Arab Emirates. • Saudi Central Bank** (recently joined as a full participant). In addition to these primary participants, there are over 26 observing members including prominent financial institutions and central banks from around the world such as the International Monetary Fund (IMF), the World Bank, the European Central Bank, and central banks from countries like Norway, France, Italy, and South Korea.