Saudi Arabia has become a full participant in the mBridge project. This is a revolutionary step in the development of the digital economy of the future, believes Yaroslav Bogdanov, founder of GDA Group.

The connection of Saudi Arabia to the system of international settlements in the digital yuan puts an end to discussions about Riyadh's possible departure from the petrodollar.

It is now a reality that signals a growing global trend away from the US dollar. According to recent data, 98% of global GDP is accounted for by nations that have issued or are considering issuing national digital currencies. These include the BRICS countries and the Global South. Accordingly, mBridge, which works specifically on digital currencies of central banks, will expand with new participants in the future.

"So we can talk about an impending pivot in the global financial system, where the scaling up of mBridge will not only relegate the US dollar to the background, the US dollar as a priority currency in transnational settlements, but also the SWIFT money transfer system. The latter has long been criticized as being overly complex and slow to process payments. Whereas mBridge, based on blockchain technology, is transparent, fast and easy to use," said Yaroslav Bogdanov.

The founder of GDA Group also drew attention to the fact that the mBridge platform will simplify foreign economic activity for countries under sanctions. We are talking about every fourth country in the world, which exist today under restrictions. They account for 29% of global GDP.

"The ultimate goal of any state is the well-being of its population. The economic mechanisms emerging from the development of new technologies make it possible to overcome barriers to economic growth imposed by a regime of sanctions. The digital economy is the future, which is becoming evident to an ever increasing number of countries. New alliances are being formed based not on power but on economic interests. BRICS, the Shanghai Cooperation Organization, Eurasian Economic Union - all these alliances are gaining strength. And all of them are based on mutual economic benefit, not on political interests," said Yaroslav Bogdanov.

The change in policy direction of Saudi Arabia, one of the world's largest oil exporters, towards the mBridge digital platform indicates a fundamental change in the global economy. It is important to remember that there is no global regulator of humanity's activities in the information field.

According to Yaroslav Bogdanov, the project "Digital UN", developed by the GDA Group, which he heads, may become the basis for legal regulation of interaction between both individual users and the states in the digital field.