🚨 JUST IN: Saudi Arabia WALKS AWAY from China-led digital payment project
Saudi Arabia has withdrawn from mBridge, a blockchain-based cross-border payment initiative designed to enable digital-currency transactions between central banks and reduce reliance on traditional dollar-based payment infrastructure.
The move is significant because Saudi Arabia joined mBridge in 2024 as a full participant alongside China, the UAE, Hong Kong and Thailand.
But there’s an important detail:
Saudi Arabia reportedly completed its proof of concept in May 2025 and then exited, describing the move as consistent with its original plan.
So this is NOT simply a sudden Saudi rejection of digital currencies or blockchain payments.
It is a development worth watching because mBridge was built to make cross-border payments faster and more direct, while creating infrastructure that could reduce dependence on dollar-centered payment networks.
And the bigger story is still unfolding:
China continues pushing alternative financial infrastructure, while countries across the Global South explore ways to diversify cross-border payment systems.
The dollar is still deeply embedded in global finance.
But the race to build alternative payment rails is becoming impossible to ignore.
#Bitcoin #Crypto #China #SaudiArabia #DeDollarization
Saudi Arabia has withdrawn from mBridge, a blockchain-based cross-border payment initiative designed to enable digital-currency transactions between central banks and reduce reliance on traditional dollar-based payment infrastructure.
The move is significant because Saudi Arabia joined mBridge in 2024 as a full participant alongside China, the UAE, Hong Kong and Thailand.
But there’s an important detail:
Saudi Arabia reportedly completed its proof of concept in May 2025 and then exited, describing the move as consistent with its original plan.
So this is NOT simply a sudden Saudi rejection of digital currencies or blockchain payments.
It is a development worth watching because mBridge was built to make cross-border payments faster and more direct, while creating infrastructure that could reduce dependence on dollar-centered payment networks.
And the bigger story is still unfolding:
China continues pushing alternative financial infrastructure, while countries across the Global South explore ways to diversify cross-border payment systems.
The dollar is still deeply embedded in global finance.
But the race to build alternative payment rails is becoming impossible to ignore.
#Bitcoin #Crypto #China #SaudiArabia #DeDollarization
