Saudi Arabia withdraws from the Beijing-led digital currency project mBridge

According to the Financial Times, Saudi Arabia has withdrawn from the digital currency project led by Beijing, which is part of China's efforts to develop an alternative cross-border payment system to the US dollar.

The mBridge platform has sparked controversy in the United States, with concerns that participants may use it to bypass traditional dollar-dominated payment systems like Swift. The platform is set to be commercially launched, utilizing blockchain technology to enable central banks to directly transact using their respective digital currencies, reducing foreign exchange transaction times and costs, and diminishing the role of the dollar as an intermediary currency.