Saudi Central Bank Exits China's mBridge Digital Currency Platform

The Saudi Central Bank has withdrawn from the 'mBridge' digital currency platform, an initiative led by China to develop an alternative system for cross-border payments.

mBridge utilizes blockchain technology to enable direct transactions between central banks using their digital currencies, potentially reducing time and costs associated with currency exchange processes.

Saudi Arabia joined the project as an observer in 2023 before becoming a participating member. However, it confirmed to the Financial Times that its involvement ended last year, in line with the original plan for participation.