Saudi Arabia withdraws from China-backed mBridge CBDC project
Saudi Arabia has withdrawn from mBridge, a China-backed cross-border digital currency project intended to enable direct transactions between central banks, the Financial Times reported. SAMA had joined mBridge as a full participant in June 2024 and later ended its participation.
Saudi Arabia has withdrawn from mBridge, the China-backed cross-border digital currency project built to allow direct transactions between central banks, according to the Financial Times. SAMA, Saudi Arabia’s central bank, joined mBridge as a full participant in June 2024 and later ended its participation.