(MENAFN) The Saudi Central Bank, also known as SAMA, is continuing tests with a central bank digital currency in collaboration with additional economic institutions and fintech companies, as reported by the Saudi Press Agency.
The venture comes along with actions taken by central banks across the world to release broadly accessible digital coins to guarantee privacy and economic security.
Central banks began considering this transition after a surge in the popularity of cryptocurrencies but with a lawful cover to battle criminal use of the otherwise loose digital currencies.
SAMA is presently reviewing the financial effect, market eagerness, and possibly impactful and swift applications for payment solutions utilizing digital currency, mentioned in the report by the SPA.
The central bank is also looking to discover policy problems in addition to lawful and regulatory factors before moving to the upcoming stages of the venture.
Domestic banks and payment firms are an indispensable foundation of this venture and its application, as said by SAMA Gov. Fahd bin Abdullah Al-Mubarak.
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