Saudi Arabia’s central bank has withdrawn from mBridge, a China-backed project aimed at enabling cross-border transactions between central banks using digital currencies on a shared infrastructure. The Financial Times reported that the Saudi Arabian Monetary Authority (SAMA) join...
- Saudi Arabia's central bank (SAMA) has withdrawn from the China-backed mBridge CBDC project after completing its proof of concept.
- mBridge aims to facilitate cross-border transactions using central bank digital currencies on a shared ledger, distinct from stablecoin-reliant systems.
- The withdrawal highlights practical limits of CBDC experimentation and geopolitical scrutiny, particularly concerns from US policymakers regarding sanctions evasion.
Topics: Jurisdictions, Blockchain usage, Payment system integration, Cross jurisdictional policy, Private enterprise ledgers, Wholesale cbdc settlement
Tags: #mbridge #cbdc #saudiarabia #china #crossbordertransactions #digitalcurrencies #bis #ussanctions #stablecoins #centralbankdigitalcurrency
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