Saudi Arabia Abandons China-Led Digital Currency Network After Technical Test
Saudi Arabia has exited China-led mBridge, a digital currency network aimed at direct central bank-to-central bank transactions without US dollar intermediation. The exit occurred after Saudi's Central Bank (SAMA) completed its proof-of-concept on May 13, 2025.
The move follows a planned technical test in May 2025 and was described as 'As planned' by SAMA. This is not the first departure from mBridge; the Bank for International Settlements had already exited the platform in October 2024.
The project, originally developed with the Hong Kong Monetary Authority, the Bank of Thailand, and others, seeks to reduce foreign exchange transaction times and costs while diminishing US dollar intermediation. However, Washington views such systems as a potential threat to the SWIFT network, which relies on the US dollar.