The shifting geopolitics of 2024 have seen another move away from the US Dollar, with Saudi Arabia joining the Bank for International Settlements (BIS), a global central bank umbrella organization that oversees a central bank digital currency (CBDC) cross-border trial.
Approximately 135 countries and currency unions, representing 98% of global GDP, are exploring CBDCs. However, the new technologies involved make cross-border movement both technically challenging and politically sensitive.
The BIS Innovation Hub aims to develop public goods in the technology space to support central banks and improve the financial system's functionality. The Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People's Bank of China, the Hong Kong Monetary Authority, and now the Saudi Central Bank, are part of the BIS Hub. There are also more than 26 observing members.
The hub also announced that mBridge had reached the "minimum ...
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