Saudi Arabia has joined Project mBridge, a central bank digital currency (CBDC) cross-border trial led by China and supported by the Bank for International Settlements (BIS). This project, which includes central banks from China, Hong Kong, Thailand, and the UAE, aims to facilitate cross-border transactions and reduce reliance on the U.S. dollar in global oil trade. The BIS announced that Project mBridge has achieved the “minimum viable product” stage, advancing beyond the prototype phase. The initiative highlights the growing global interest in CBDCs, with 135 countries exploring their potential despite technical and political challenges.