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Saudi Arabia pulls out of China-led payment project
The Saudi Central Bank announced its withdrawal from the "m-BRIDGE" project, an international payment platform that utilizes blockchain technology and aims to reduce reliance on the dollar in transactions between central banks, led by China. "SAMA" initially joined as an observer in 2023, then participated in the platform's development and testing in 2024, before ending its membership in May 2025, following the completion of the project after the trial phase. This withdrawal comes amid American concerns over diminishing the influence of the U.S. financial system, but the bank emphasized that its decision was part of the planned process and was not related to a failure of the project or political reasons.
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