SAMA Explores Digital Currency for Financial Institutions
SAMA, along with the Central Bank of the UAE (CBUAE), previously tested the technical feasibility of CBDCs through joint experiments.
By Inc.Arabia Staff
The Saudi Central Bank (SAMA) is studying the implementation of a digital currency for financial institutions, according to unnamed sources cited by Aleqtisadiah.[1]
This initiative follows SAMA's participation in mBridge, a project aimed at developing a multi-central bank digital currency (CBDC) platform for instant cross-border payments.
SAMA, along with the Central Bank of the UAE (CBUAE), previously tested the technical feasibility of CBDCs through joint experiments involving six commercial banks from both countries.
Launched in 2021, mBridge is a collaboration between the Bank for International Settlements Innovation Hub and central banks from Thailand, the UAE, China, and Hong Kong.
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