Saudi Central Bank Exits Project mBridge Digital Currency Initiative
The Saudi Central Bank (SAMA) has officially exited its participation in the China-led cross-border digital currency project, mBridge. According to a report by Financial Times, SAMA withdrew from the initiative last year as part of an original roadmap and confirmed that it had completed its proof-of-concept phase on May 13, 2025. Project mBridge uses distributed ledger technology to enable direct foreign exchange settlements between central banks using digital currencies. The platform aims to reduce settlement times and lower costs but has faced regulatory scrutiny due to concerns about bypassing the U.S. dollar in international transactions. Despite SAMA's departure, core participants such as China’s People's Bank of China, Hong Kong Monetary Authority, Thailand’s Bank of Thailand, and UAE’s Central Bank continue with the project. The move highlights evolving global dynamics around digital currencies and central bank strategies to develop domestic CBDC capabilities independently.
Topics: CBDC Cross-Border Payments Digital Currency Regulatory Action