March 28, 2024

Central Bank of Saudi Arabia announces plans for in-depth study of CBDC

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Central Bank of Saudi Arabia announces plans for in-depth study of CBDC

The Central Bank of Saudi Arabia (SAMA), in collaboration with national banks and fintech companies, intends to conduct an in-depth study and testing of the possibilities of using CBDCs.

In particular, SAMA will focus ondomestic wholesale options for using state digital currency. The next phase of the project will be devoted to testing hypotheses about the economic, political, legal and regulatory consequences of the introduction of digital currency, as well as studying the market readiness for the use of CBDC-based payment solutions.

Saudi Central Bank Governor Fahad Almubarak(Fahad Almubarak) said that in the course of conducting CBDC research, the bank intends to actively consult with its partners from the international banking community. The central bank hopes to work with them to better understand the functionality of CBDC and test different design options.

In January, Red Date Technology,technical architect of the Chinese national platform Blockchain Service Network, announced the launch of a cross-border payment system for settlements in stablecoins and CBDC.