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Saudi Arabia exits China-led payment project
Saudi Arabia withdrew from the "e-CNY Bridge" project led by China, which aims to develop a cross-border payments platform using central bank digital currencies (CBDCs). The Kingdom had been involved since 2023, initially as an observer and later as a participant in development and testing. The Saudi Central Bank joined the project in 2024 alongside China, Hong Kong, Thailand, and the UAE, relying on blockchain technology to facilitate direct transactions between central banks and reduce dependence on the US dollar. Saudi Arabia's involvement ended after the pilot phase was completed in May 2025, with the Bank for International Settlements' role in the project concluding in October 2024.
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