Saudi Arabia Ends mBridge Digital Currency Project Participation

Saudi Arabia has ended its participation in the mBridge digital currency project, according to reports. The exit occurred after the Saudi Central Bank completed its proof of concept phase in May 2025.

The withdrawal marks a significant shift in the multi-central bank initiative led by China. This move follows the completion of real-value transaction testing and infrastructure development. Cryptonews.net reported that the project reached a minimum viable product stage in mid-2024.

Project Structure and Partners

mBridge was launched in 2021 by the BIS Innovation Hub and four central banks. These included the Bank of Thailand and the Digital Currency Institute of China. The Saudi Central Bank joined the consortium in 2024 to join the effort.

The initiative focused on improving cross-border payments using distributed ledger technology. It aimed to solve issues like high costs and slow processing times. The platform also enabled foreign exchange activity through its blockchain-based design.

Technical Achievements and Transfer

The project developed the mBridge Ledger for real-value transactions and settlement. This infrastructure allowed for instant processing of international payments. The system also supported the testing of additional financial technologies and use cases.

In October 2024, the BIS handed the project over to participating partners. This transfer occurred while numerous central banks remained observers. The Saudi exit happened after this handover and the completion of its specific testing goals.

Strategic Implications for Markets

The Saudi decision signals a completion of its specific evaluation period for the technology. The bank stated it was no longer a participating member after May 13, 2025. This exit does not necessarily end the broader project for other central banks.