What Saudi Arabia’s exit means for China-led mBridge amid global de-dollarisation
Saudi Arabia’s withdrawal from a China-led digital currency platform would carry greater symbolic than operational significance, analysts say, highlighting pressures facing countries caught between US influence and alternatives to dollar-based payments infrastructure. In a response to inquiries from the South China Morning Post, the Saudi Central Bank said it had participated in mBridge – a…
Saudi Arabia's withdrawal from the China-led mBridge digital currency platform carries more symbolic than operational significance, according to analysts. The Saudi Central Bank had participated in the platform only on a limited proof-of-concept basis, which it successfully completed in May 2023, and then ceased to be a member. Analysts emphasize that this move is more politically significant than technically impactful, highlighting the geopolitical sensitivity surrounding the development of alternative cross-border payment infrastructure amid the US dollar's dominance.
Despite the withdrawal, mBridge's future remains narrow and regional, rather than dead, as other participating countries, including China, Hong Kong, Thailand, the UAE, and Macau, continue to engage with the platform.
Brief written by urgent.news from SCMP Business's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Why the global oil market hinges on Saudi Arabia’s East-West pipeline businesstimes.com.sg
- Saudi Arabia exits China-backed mBridge CBDC project: FT cointelegraph.com
- Saudi Arabia stocks lower at close of trade; Tadawul All Share down 0.63% investing.com
- Saudi Arabia ramps up Gulf oil exports after pipeline attack, data shows straitstimes.com
- Saudi Arabia exits China-backed mBridge cross-border currency platform business-standard.com
