Project mBridge: Saudi Arabia joins forces with China on CBDCs

Saudi Arabia's participation in a China-led digital currency trial indicates a possible shift away from dollar dominance.

Saudi Arabia explores alternatives to the petrodollar deal by participating in a China-led CBDC initiative.The U.S. has significantly increased its unconventional oil production in recent years, strengthening its global oil market presence and the supremacy of the U.S. dollar in oil trade.

“The most advanced cross-border CBDC project just added a major G20 economy and the largest oil exporter in the world.”“This means in the coming year you can expect to see a scaling up of commodity settlement on the platform outside of dollars – something that was already underway between China and Saudi Arabia but now has new technology behind it.

The project aimed at building a CBDC platform backed by multiple central and commercial banks, to enable instant cross-border payments and settlement. If successful, this could potentially reduce the world’s reliance on the U.S. dollar for oil transactions.

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