Saudi Arabia quits China-led cross-border currency platform

Saudi Arabia's central bank has withdrawn from mBridge, a China-led cross-border currency platform. This initiative utilized blockchain technology to streamline international transactions and develop an alternative system to the US dollar. The Kingdom's exit from the digital currency payment system highlights ongoing geopolitical tensions and raises significant questions regarding the platform's governance and global compliance. This move marks a strategic shift away from the multi-country project aimed at diminishing the dominance of the dollar.