February 5, 2023

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

Article reading time:
1 min.

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

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

In particular, SAMA will focus oninternal wholesale options for using the state digital currency. The next phase of the project will focus on testing hypotheses about the economic, political, legal and regulatory implications of digital currency adoption, as well as examining market readiness for CBDC-based payment solutions.

Saudi Central Bank Governor Fahad Almubarak(Fahad Almubarak) said that in the course of conducting CBDC studies, 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 CBDCs 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.