Saudi Arabia Exits China-Led mBridge Digital Currency Project

The Saudi Central Bank (SAMA) confirmed its departure on May 13, 2025, describing the exit as a pre-planned phase of its technological roadmap. SAMA joined the project as an observer in 2023, later contributing to the platform’s minimum viable product and conducting experimental trials throughout 2024. While the central bank maintains that the withdrawal was purely procedural, the project has faced intensifying scrutiny in Washington. U.S. officials have expressed concerns that such blockchain-based systems could undermine the dollar's global dominance and complicate the enforcement of international sanctions.

Despite the formal exit, some observers suggest the kingdom may still engage with the technology discreetly. The project continues to move toward commercial application, with China expanding its digital yuan infrastructure through separate channels like the Digital Currency Express platform. Although the Bank for International Settlements (BIS) stepped away from the mBridge initiative in October 2024, the network has since expanded to include new participants like Macau. As China pushes to integrate its digital currency into international trade, the project remains a focal point for governments balancing the efficiency of new payment technologies against the geopolitical sensitivities of the existing financial order.