Saudi Arabia's mBridge Exit Report Contradicts Official Statements

Saudi Arabia's reported exit from the China-led multi-central bank digital currency (CBDC) payment platform mBridge has been contradicted by official documentation. CryptoBriefing reported that Saudi Arabia's withdrawal would heighten geopolitical tensions and governance and global regulatory compliance issues within the platform. However, BIS official materials list the Saudi Central Bank as a participating institution and note that the project was handed over to participating institutions in October 2024. The Saudi Central Bank also announced its participation in mBridge's minimum viable product (MVP) phase in June 2024. The central bank described mBridge as a CBDC platform for cross-border payments, with no separate official announcement supporting the claim of withdrawal.