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Saudi Arabia pulls out of Chinese-led payments project
The Kingdom of Saudi Arabia announced its withdrawal from the "EmBridge" project, led by China to develop a cross-border payment platform utilizing central bank digital currencies. The Saudi Arabian Monetary Authority (SAMA) began as an observer in 2023 and participated in the platform's development and testing throughout 2024, before ending its membership in May 2025 in accordance with the project's original plan. The aim of the project is to reduce the time and cost of international transactions using blockchain technology, thereby decreasing dependence on the US dollar as an intermediary currency. The Bank for International Settlements concluded its role in the project in October 2024, prior to the completion of the platform's development.
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