Saudi Arabia has withdrawn from mBridge, a China-backed central bank digital currency platform, the Financial Times reported. The exit was not previously public.
The kingdom’s central bank, the Saudi Central Bank (SAMA), confirmed the withdrawal. It said it completed its proof of concept for the platform on May 13, 2025, and ceased to be a participating member afterwards. It described the exit as part of its original plan.
SAMA first joined mBridge as an observing member in 2023 under the Bank for International Settlements (BIS). In 2024, it became an active participant and helped develop the platform’s basic working version.
A source familiar with the matter said SAMA no longer wants to be publicly linked to the project but continues to engage with it discreetly. Another source said it would be inaccurate to read a wider meaning into the decision, as Riyadh’s role was limited from the start.
mBridge uses blockchain technology to let central banks transact directly in their own digital currencies. This cuts the time and cost of foreign exchange transactions and reduces the dollar’s role as an intermediary currency. The platform is set to be rolled out commercially soon.
The project has drawn scrutiny in Washington, where concerns exist that participants could use it to bypass dollar-based payment systems such as Swift. The other members are China, Hong Kong, Thailand and the United Arab Emirates.
The Monetary Authority of Macau joined this year and launched the system in June. The Bank of Thailand, the UAE’s central bank, the People’s Bank of China and the Hong Kong Monetary Authority declined to comment.
The BIS left the project in October 2024. Earlier, it was reported that Washington pressured it to do so. The BIS’s then general manager, Agustín Carstens, said the institution had “graduated out” and that politics played no part.
US President Donald Trump has threatened Brics countries with 100 percent tariffs if they pursue alternatives to the dollar. Eswar Prasad, a professor at Cornell University and senior fellow at Brookings, said many US allies see such initiatives as economically beneficial but are wary of American pushback.
