SAMA is currently researching the market preparedness, potential efficiency, and speed of applications for digital currency payment systems. Saudi Central bank is testing digital currency.
According to the Saudi Press Agency, the Saudi Central Bank, better known as SAMA, is experimenting with a central bank digital currency in collaboration with other financial institutions and fintech firms.
The concept is in line with global central banks' efforts to produce widely accessible digital currency in order to safeguard privacy and financial security, reports Arab News.
Following the surge in popularity of cryptocurrencies, central banks began to consider this move, but with a legal cover to limit illegal usage of the otherwise unregulated digital currency.
According to the SPA report, SAMA is now researching the economic effects, market readiness, and possibly effective and quick uses for digital currency payment solutions.
Prior to pushing forward with the project, th...
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