The Saudi Central Bank is considering the use of blockchain and CBDC

The Central Bank is experimenting with new technologies, but is not going to abandon cash in favor of digital payments

25.10.2021 - 13:30

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What's new? The Saudi Central Bank (SAMA) is considering a number of technologies, including blockchain, before making any decision regarding CBDC, Al Eqtisadiah reports.

Article on Al Eqtisadiah

What is the government's plan? The central bank's digital currencies have become an important financial technology, but the kingdom is not going to abandon the use of cash in the near future. Saudi Arabia plans to increase the share of electronic transfers to 70% of the total number of payments in the country by 2030.

In addition, the kingdom intends to ensure the continuity of cash transactions, as well as the availability of receiving fiat money as a means of payment. According to the central bank’s representative, this goal will be achieved by 2025.

What is known about the bank? SAMA was one of the first in the world to study CBDC back in 2019. Then he announced the “Aber” project which is a bilateral experiment with the UAE to test the use of digital ledgers in cross-border transactions.

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