Saudi Arabia Withdraws From mBridge CBDC Project
8 Articles
8 Articles
Saudi Arabia has withdrawn from the mBridge (Multilateral Central Bank Digital Currency Bridge) project, a cross-border digital currency platform led by the People's Bank of China. The development of the digital yuan continues to face obstacles, and its prospects for domestic and international application are bleak.
Saudi Arabia has left the mBridge payment network. Beijing's flagship project loses a neutral support in the Middle East. The post setback for China: Saudi Arabia leaves payment system appeared first on financemarktwelt.de.
China suffers another setback in effort to de-dollarize global finance as anchor in the greenback’s dominance quietly exits Beijing’s payment scheme
Saudi Arabia quietly dropped out of China’s mBridge digital payment platform, which Beijing has touted as an alternative to the dollar-dominated SWIFT system, according to the Financial Times. China launched mBridge in 2021, enabling central banks to use digital currencies to carry out transactions directly via blockchain technology. China, Hong Kong, Thailand, the United Arab […]
Saudi Arabia confirms 2025 exit from China’s mBridge CBDC payments project
Riyadh confirmed it left the China‑led mBridge central bank digital currency (CBDC) payments project in 2025 after completing an initial proof of concept, the Financial Times reported. The exit has raised questions about geopolitics, dollar dominance and the commercial prospects of mBridge.
Coverage Details
Bias Distribution
- 100% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
