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Saudi Central Bank leaves China-led digital currency initiative

Aninda Chakraborty

Mon, September 21, 2026 at 3:19 PM GMT+3 1 min read

The Saudi Central Bank (SAMA) has ended its formal participation in Project mBridge, a cross-border multi-central bank digital currency (CBDC) platform led by China.

According to a report by the Financial Times, the kingdom withdrew from the initiative last year as part of its original project roadmap, a move not previously made public.

In an official statement to the publication, SAMA confirmed that it initially joined "mBridge under the umbrella of BIS as an observing member" in 2023 to support its internal CBDC research.

The monetary authority subsequently participated in efforts to develop a "minimum viable product" and establish a "proof of concept" in 2024.

"As planned, SAMA successfully completed its mBridge [proof of concept] on 13 May 2025. Following the completion of the PoC, SAMA is no longer a participating member of mBridge," the central bank said.

Project mBridge utilises distributed ledger technology to facilitate direct, bilateral foreign exchange settlement between central banks using digital currencies.

The infrastructure aims to lower foreign exchange costs and reduce settlement times.

The project has drawn regulatory and geopolitical scrutiny over concerns that it could provide an alternative channel to bypass dollar clearing and financial sanctions.

US President Donald Trump has previously warned of 100% tariffs on BRICS members that pursue alternatives to the US dollar.

The mBridge platform continues under its core participants: the People's Bank of China, the Hong Kong Monetary Authority, the Bank of Thailand, and the Central Bank of the United Arab Emirates.

The Monetary Authority of Macao joined the platform earlier this year and launched its integration in June.

"Saudi Central Bank leaves China-led digital currency initiative" was originally created and published by Electronic Payments International, a GlobalData owned brand.