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Digital Currency in Saudi Arabia: What’s the Barrier to Use?

Riyadh: The consultation process regarding the use of digital currency is ongoing in Saudi Arabia and the measures and laws taken around the world in this regard are being reviewed.

SOG Magazine: According to Urdu News, the Saudi Central Bank (SAMA) says that the use of digital currency has not been decided so far, its potential benefits and risks are currently being considered.

SAMA Governor Dr. Fahad Al Mubarak says that the process of testing the digital currency is ongoing, with the cooperation of financial technology companies and banks operating in Saudi Arabia.

No decision made to introduce digital currency - Saudi Central Bank

The governor said that the advantages and disadvantages of using digital currency are being evaluated in the context of the actions taken by the central banks of the world.

He said that the current phase of the digital currency project is involving local financial technology companies and banks as well as market players, besides the support of technology and consulting service providers.

The governor further said that Sama digital currency review will continue in consultation with relevant international parties and Saudi government institutions.

It should be noted that the Saudi Central Bank has succeeded in piloting a digital currency for SAMA through a transitional project during 2019, an initiative supported by the UAE Bank.


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