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2 clusters · 15 sources · 3 days · First seen · Last updated

Saudi Arabia exit from mBridge digital currency platform

Overview

The Saudi Central Bank (SAMA) has officially exited mBridge, a China-led blockchain platform designed for cross-border settlements using central bank digital currencies (CBDCs).

SAMA joined the project as an observer in 2023 and became a full participant in 2024. The bank confirmed that its withdrawal followed the completion of a planned proof-of-concept phase on May 13, 2025. While the exit has prompted scrutiny regarding geopolitical pressures or efforts to reduce reliance on the US dollar and the SWIFT system, officials stated the departure was pre-planned and exploratory.

The mBridge project, launched in 2021 by the Bank for International Settlements (BIS) Innovation Hub, continues with members including China, Hong Kong, Thailand, and the United Arab Emirates. The platform has seen significant growth, with transaction volumes reportedly exceeding $55 billion. The BIS had previously exited active involvement in the project in October 2024.

Entities

United Arab Emirates · China · Bank for International Settlements · Saudi Central Bank · mBridge

Timeline

  1. [BUSINESS] 3 sources
    Saudi Central Bank exits China-backed mBridge digital currency project

    The Saudi Central Bank has exited mBridge, a China-backed blockchain platform for cross-border digital currency payments, after completing its proof of concept in May 2025.

  2. [BUSINESS] 12 sources
    Saudi Arabia exits China-led mBridge digital currency platform

    Saudi Arabia has exited the China-led mBridge digital currency platform after completing a planned proof-of-concept trial in May 2025.

Sources

africa.businessinsider.com · blockonomi.com · brasilemfolhas.com.br · cryptobreaking.com · cryptobriefing.com · cryptonews.com.au · diariodoestadogo.com.br · dunya.com · ethnews.com · europesays.com · haksozhaber.net · media.almashhad-alyemeni.com · pymnts.com · sondakika.com · spacemoney.com.br