Saudi Arabia has reportedly withdrawn from a China-led digital currency initiative designed to enable cross-border transactions without relying heavily on the US dollar, according to the Financial Times.
Riyadh joined the mBridge project in 2024 alongside China, Hong Kong, Thailand, the United Arab Emirates and the Bank for International Settlements.
However, the Saudi Central Bank said it ended its participation in the project in May 2025 after completing its proof-of-concept work.
The mBridge initiative uses blockchain technology to allow central banks to conduct transactions directly through digital currencies. The system is intended to make international payments faster and cheaper while reducing the role of intermediary currencies such as the US dollar.
The Saudi Central Bank said its involvement had been part of a planned research programme and that it ceased to be a participating member after completing its proof of concept.
However, the Financial Times reported that another person familiar with the project claimed the Saudi central bank continued to be involved behind the scenes.
The development comes as countries explore digital currencies and alternative systems for conducting international transactions. The mBridge project was established to examine how central bank digital currencies could be used to facilitate cross-border payments between participating economies.
