Saudi Arabia Exits mBridge Digital Currency Project After Completing Proof-of-Concept Phase
Saudi Arabia's involvement in the China-led mBridge digital currency project has come to an end. According to the Financial Times, the Saudi Central Bank confirmed that it was no longer a participating member after completing its planned proof-of-concept phase in May 2025.
The mBridge initiative enables central banks to transact directly in their local digital currencies, bypassing intermediary dollar-clearing systems like Swift. The project's blockchain-based platform aims to provide an alternative payment system to the US dollar.
Saudi Arabia initially joined as an observer in 2023 before participating in pilot operations in 2024. However, a person familiar with the matter told the FT that it would be 'inaccurate to draw any wider inference' of US pressure from the exit given Riyadh's limited initial scope.