Saudi Arabia exits China-backed mBridge CBDC project: FT
60-second summary
Saudi Arabia withdraws from the China‑backed mBridge cross‑border CBDC platform, ending its participation in the pilot that linked Saudi, UAE and Chinese digital‑currency projects. The move follows heightened US scrutiny of the initiative and raises questions about the viability of multi‑jurisdictional CBDC collaborations, potentially slowing broader adoption and prompting regulators to reassess cross‑border digital‑currency strategies.
Saudi Arabia has left mBridge, a cross-border CBDC platform that has drawn scrutiny from US policymakers, according to the Financial Times.