Saudi Arabia exits China-backed mBridge CBDC project: FT
Saudi Arabia has left mBridge, a cross-border CBDC platform that has drawn scrutiny from US policymakers, according to the Financial Times.
Saudi Arabia has withdrawn from the mBridge cross-border digital currency project, according to the Financial Times. The project, which was initiated in 2021 by the Bank for International Settlements (BIS) in collaboration with central banks from China, Hong Kong, Thailand, and the UAE, aimed to facilitate faster and cheaper cross-border payments.
Saudi Arabia's central bank, SAMA, joined mBridge in June 2024 and concluded its participation on May 13, 2025, after successfully completing a proof of concept, as reported by the Financial Times. The collaboration between central banks on mBridge was intended to enable direct transactions between central banks using their own digital currencies on a shared ledger, rather than relying on a single stablecoin.
However, mBridge has faced scrutiny from US policymakers due to its potential to provide an alternative cross-border settlement system that could help countries circumvent US sanctions.
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