Last week, The Bank of International Settlements – a lesser-known institution sometimes referred to as the “central bank of central banks” – announced that Saudi Arabia has agreed to formally join its bridge project to produce and facilitate central bank digital currencies (CBDCs).
According to the BIS in blog post from 2022, ‘Project mBridge is a collaboration between the BIS Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China and the Central Bank of the United Arab Emirates.’
They add: ‘After experimenting with different technology architectures in earlier phases of the project, the project team developed a new blockchain – the mBridge Ledger – custom-built by central banks for central banks to serve as a specialised and flexible platform for implementation of multi-currency cross-border payments in central bank digital currencies (CBDCs).’
More recently, the BIS announced that much progress has made with mBridge and are now ready to begin the next major phase of development, indicating that CBDCs around the world are close to being implemented via nation’s central banks. Additionally, the BIS announced in its press release that Saudi Arabia has become the latest member to join in the mBridge collaboration.
The BIS wrote in their press release:
Project mBridge continues its development and has reached the minimum viable product (MVP) stage, while broadening its international reach. The project aims to explore a multi-central bank digital currency (CBDC) platform shared among participating central banks and commercial banks, built on distributed ledger technology (DLT) to enable instant cross-border payments and settlement.
[…] The Saudi Central Bank is joining mBridge as a full participant…
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