Saudi Arabia has withdrawn from the China-led mBridge digital currency platform, concluding its participation on May 13, 2025, after completing its proof of concept. The Saudi Central Bank characterized the exit as part of its original exploratory plan, though reports indicate Riyadh seeks to avoid public association with a platform designed to bypass dollar-dominated systems like SWIFT. The withdrawal follows the October 2024 exit of the Bank for International Settlements amid reported US pressure.
Saudi Arabia mBridge withdrawal
- ▪The Saudi Central Bank stated that its withdrawal from the China-led mBridge platform was part of its original plan, having joined as an observing member in 2023 before participating in the minimum viable product development in 2024
- ▪The Saudi Central Bank announced that Saudi Arabia has withdrawn from the Beijing-led mBridge digital currency platform, ending its participation after completing its proof of concept on May 13, 2025
US pressure on participants
- ▪Daleep Singh, the former White House deputy National Security Advisor for International Economics, stated in early 2025 that China could exert tremendous leverage in setting standards for the China-led mBridge platform regarding privacy, security, interoperability, and sanctions enforcement
- ▪Eswar Prasad, a professor at Cornell University, stated that US allies are acutely sensitive to US pushback against initiatives like mBridge that are seen as potentially reducing the dollar's importance and boosting the Chinese renminbi
mBridge blockchain payment platform
- ▪The Monetary Authority of Macau joined the mBridge platform in 2026 and launched the system in June 2026, joining remaining members China, Hong Kong, Thailand, and the United Arab Emirates
- ▪The China-led mBridge platform reportedly processed approximately $55.5 billion in transactions by late 2025 as it moved toward a commercial rollout under a new Hong Kong-based entity
- ▪The China-led mBridge platform uses blockchain and distributed ledger technology to transact directly between central banks using wholesale central bank digital currencies, cutting foreign exchange transaction times and costs
BIS October 2024 exit
- ▪Agustín Carstens, then general manager of the Bank for International Settlements, stated that the institution graduated out of the mBridge project to leave it with central bank partners, denying political considerations or project failure
- ▪The Bank for International Settlements withdrew from active involvement in the China-led mBridge platform in October 2024
- ▪The Financial Times reported that Washington put pressure on the Bank for International Settlements to withdraw from the China-led mBridge platform
Dollar alternative payment systems
- ▪The China-led mBridge platform has attracted controversy in the US due to concerns that participants could use it to bypass conventional, dollar-dominated payment systems like SWIFT and evade Western sanctions
- ▪US President Donald Trump has threatened BRICS countries with 100 percent tariffs if they pursue alternatives to the US dollar
Debatable claims
- ▪Central banks should avoid participating in China-led payment networks
- ▪The mBridge payment platform threatens Western sanctions enforcement
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