Saudi Arabia Ends Participation in China-Led mBridge CBDC Platform
The Saudi Central Bank has withdrawn from the mBridge cross-border digital currency project after completing its proof-of-concept, citing the move as part of its original plan.
Saudi Arabia’s central bank confirmed it has left the mBridge digital currency network after fulfilling a pre-planned proof-of-concept completed on May 13, 2025. The kingdom became a full participant in 2024, joining a system designed by the BIS Innovation Hub together with the Hong Kong Monetary Authority, the Bank of Thailand, China’s PBoC Digital Currency Institute and the UAE’s central bank. The platform uses distributed-ledger technology to allow direct settlement of cross-border payments in central bank money, promising lower costs and faster processing.
While the Reserve Bank of India observed the project, Saudi officials say the withdrawal follows the original timetable and does not reflect external pressure, though the country remains quietly involved. The BIS withdrew from the initiative in October 2024, stating its exit was not politically motivated. Meanwhile, the Monetary Authority of Macao joined in 2026 and began processing transactions worth nearly 1.3 billion Macao patacas on its first day.
Why it matters
Saudi Arabia's exit shows the cautious pace of CBDC adoption and signals limits to the platform's expansion.
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