Saudi Arabia Departs mBridge CBDC Initiative

VERA Brief

AI-generated. Grounded in the article and its cited sources.

Saudi Arabia has withdrawn from the mBridge central bank digital currency project. This departure follows attention from US policymakers and raises questions about the initiative's future scope.

Key facts

• Saudi Arabia has exited the mBridge cross-border central bank digital currency platform.
• The mBridge initiative is backed by China.
• US policymakers have previously paid attention to the mBridge project.
• mBridge aims to improve international payments using wholesale CBDCs.
• The specific reasons for Saudi Arabia's withdrawal were not immediately available.