FT: Saudi Arabia withdraws from Chinese alternative to dollar

In May 2025, Saudi Arabia ceased participation in the international digital currency platform mBridge, supported by China, reports the Financial Times (FT).

The central bank of Saudi Arabia (SAMA) confirmed to the publication that it withdrew from the project on May 13, 2025 after the completion of the “concept test” phase, calling it a step as part of its original plan. Riyadh joined the initiative under the auspices of the Bank for International Settlements (BIS) as an observer in 2023, and in 2024 became a full participant in the development of a minimum viable product.

According to FT sources, although the Saudi regulator no longer participates in the platform publicly, it continues to engage with it covertly.

The mBridge project uses blockchain for direct settlements between central banks in their national digital currencies, bypassing the traditional SWIFT system and without the need to use the dollar as an intermediary.

In October 2024, the project also left the BIS itself under US pressure. US President Donald Trump has threatened BRICS members with 100 percent duties for attempts to create an alternative to the US currency.