Saudi Arabia exits China-led digital payments project mBridge
- Saudi Arabia has withdrawn from mBridge, a China-led project for faster cross-border digital currency payments.
- Saudi Central Bank said it completed its planned digital currency test in May 2025 before exiting the project.
- mBridge uses blockchain to let banks settle cross-border payments directly using central bank digital currencies, reducing reliance on the US dollar.
- Saudi Arabia joined mBridge in 2024 with China, UAE, Thailand and Hong Kong; the project is now moving towards wider commercial use.
Source: ndtvprofit.com
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