Has digital currencies begun to be used in Saudi Arabia?..an official response from the Central Bank

Has digital currencies begun to be used in Saudi Arabia?..an official response from the Central Bank
Has digital currencies begun to be used in Saudi Arabia?..an official response from the Central Bank
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The Saudi central bank announced Monday evening that it has not taken any decision regarding the use of digital currency in the kingdom.

And the Saudi Central Bank confirmed in a statement, “No decision has been taken regarding the start of using the digital currency of the central bank in the Kingdom, but it continues its work and its current focus on exploring the potential benefits and risks of using the digital currency,” noting that this “will undoubtedly contribute to making informed decisions.” Inside the Central Bank of Saudi Arabia.

The bank said that this decision “will enrich the global results related to the use of these currencies at the level of central banks.”

The Central Bank of Saudi Arabia continues – according to the statement – the project to test the digital currency of the central bank, as it is currently working in cooperation with banks and financial technology companies operating in the Kingdom in one of the stages of the project, concerned with studying cases of using the digital currency of the central bank allocated to financial institutions locally.

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This project comes in line with many central bank initiatives globally in the field of central bank digital currencies, and is one of the continuous efforts of the Saudi Central Bank to study and test the central bank digital currency.

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At this stage, the Central Bank of Saudi Arabia seeks to examine the economic impact, market readiness, and possible effective and rapid applications for payment solutions using the central bank’s digital currency, in addition to examining policy issues, legal and regulatory aspects before moving to the next stages of the project, in order to contribute to achieving Objectives of the Kingdom’s Vision 2030.

It is worth noting that the Saudi Central Bank previously succeeded in testing the central bank digital currency through the “Aber” project in 2019, which is an initiative launched in cooperation with the Central Bank of the United Arab Emirates. To investigate the extent to which distributed ledger technology can be used to facilitate cross-border payments.

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