The Bank for International Settlements (BIS) is ending its involvement with Project mBridge, the cross-border wholesale central bank digital currency (CBDC) initiative, BIS general manager Agustín Carstens said on October 31.

Led by the BIS and the central banks of China, Hong Kong, Thailand, the UAE, mBridge is a multi-CBDC platform built on distributed ledger technology.

In June, the Saudi Central Bank joined the project as a full participant. The project now also has 31 observing members

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