Saudi Arabia Exits mBridge CBDC Project Backed by China
- Saudi Arabia’s central bank, SAMA, withdrew from the mBridge project after completing a proof of concept on May 13, 2025.
- SAMA joined mBridge as a full participant in June 2024, aiming to facilitate cross-border digital currency transactions.
- mBridge was established in collaboration with the Bank for International Settlements and central banks from China, Hong Kong, Thailand, and the UAE in 2021.
- The project allows participating central banks to issue and transact using their own digital currencies on a shared ledger.
- A US report indicated that mBridge could serve as an alternative settlement system for countries evading US sanctions.
The exit of Saudi Arabia from the mBridge project highlights shifting dynamics in global finance and digital currency initiatives among central banks. This withdrawal follows scrutiny from US policymakers regarding the potential implications of such cross-border projects.
Saudi Arabia’s departure comes after its participation since June and reflects ongoing geopolitical tensions surrounding digital currency frameworks.(Source)
