Saudi Arabia Withdraws from Beijing-Led mBridge Digital Currency Project

According to the Financial Times, Saudi Arabia has exited the mBridge digital currency project led by Beijing. The platform, which utilizes blockchain technology to facilitate direct transactions between central banks, aims to reduce reliance on the U.S. dollar and shorten settlement times. The project has faced scrutiny in the U.S. due to concerns that it could allow participants to bypass traditional payment systems like SWIFT.