Saudi Arabia withdraws from mBridge CBDC project backed by China

Saudi Arabia’s central bank has withdrawn from mBridge, a China-backed project aimed at enabling cross-border transactions between central banks using digital currencies on a shared infrastructure.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• Saudi Arabia's central bank (SAMA) has withdrawn from the China-backed mBridge CBDC project after completing its proof of concept.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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Government Tells BOE to Boost Innovation in Digital Currencies

The UK government will give the Bank of England a new responsibility to bolster innovation in digital currencies and payments. The goal will be secondary to the BoE's primary mission of maintaining financial stability, according to the Treasury. The new secondary objective will support the bank to drive innovation in payments and digital finance, said City Minister Lucy Rigby.

• The UK government is assigning the Bank of England a secondary objective to foster innovation in digital currencies and payments, aiming to maintain London's competitive edge.
• This initiative supports the BoE's primary mission of financial stability while encouraging advancements in tokenization and distributed ledger technology.
• The move follows criticism of the BoE's conservative approach and aligns with the UK's broader efforts, including a joint task force with the US on stablecoins.

Topics: Jurisdictions, Legal regulatory, Institutional adoption, Emerging hubs, Regulatory sandboxes pilots, Banking depository pilots

Tags: #bankofengland #digitalcurrencies #innovation #financialstability #tokenization #stablecoins #ukgovernment #payments #digitalfinance

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Stablecoins and Tokenized Deposits: European Banking Association Says Transition Needs Time, Tokenovate...

• The European Banking Association (EBA) stated that it's too early to assess the full capabilities of stablecoins and tokenized deposits regarding compliance, security, and user experience.
• While speed and cost efficiencies are expected, current use cases are considered marginal, with the EBA urging financial institutions to proactively evaluate investments in this area.
• Tokenovate's CEO highlights the greater opportunity in using tokenized money for asset settlement, reducing risk and capital tie-up, but emphasizes the need for common standards and a shared foundation to overcome fragmentation.

Topics: Asset types, Legal regulatory, Integration with defi, Stablecoins digital cash, Securities law classification, Rwa collateral lending

Tags: #tokenizeddeposits #stablecoins #europeanbankingassociation #eba #tokenovate #digitalcurrencies #smartpayments #settlement #financialinstitutions #wholesalemarkets

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