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 left mBridge, a cross-border CBDC platform that has drawn scrutiny from US policymakers, according to the Financial Times.
Saudi Arabia has withdrawn from mBridge, a China-backed cross-border digital currency project designed to enable direct transactions between central banks, according to the Financial Times.
SAMA, Saudi Arabia’s central bank, joined mBridge as a full participant in June 2024 and ended its participation after completing a proof of concept on May 13, 2025, FT reported, citing a statement from the central bank. SAMA said it had planned to end its participation.
The project continued to develop under the BIS until October 2024, when the organization handed it over to the participating central banks after mBridge reached its minimum viable product stage. Then-BIS General Manager Agustín Carstens said the BIS departure was not politically motivated.