Saudi Central Bank Exits mBridge Cross-Border Digital Currency Platform

The Saudi Arabian Central Bank has exited the mBridge cross-border digital currency platform. The platform aims to facilitate direct settlement among central banks using their respective digital currencies through blockchain technology, reducing the time and cost of foreign exchange transactions, and diminishing the role of the US dollar as an intermediary currency. The US has expressed concerns that the platform could bypass dollar-dominated payment systems like SWIFT. Saudi Arabia became an active participant in the platform in 2024, joining members including China, Hong Kong, Thailand, the UAE, and the Bank for International Settlements.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.