Saudi Teams Up With Fintech Firms and Banks for CBDC Experiment

January 26, 2023

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Saudi Teams Up With Fintech Firms and Banks for CBDC Experiment

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The apex bank of Saudi Arabia is one step closer to the introduction of Central Bank Digital Currency (CBDC) as it recently announced a collaboration with banks and fintech firms for the CBDC experiment.

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Saudi is Still Experimenting CBDC

As per a bulletin dated January 23, The Saudi Central Bank (SAMA) disclosed that it is working on a project that “focuses on domestic wholesale CBDC use cases in collaboration with local banks and fintechs.”

Although the decision to launch digital currency in the country is yet to be finalized.

“SAMA stresses that although no decision has been made regarding the introduction of CBDC in the Kingdom, it continues to focus on exploring the benefits and potential risks of implementing CBDC.”

Currently, the Saudi apex bank is researching various aspects of a state-issued digital currency including economic impact, market readiness and the applications of a CBDC-based payment solution. It also intends to review policy, legal and regulatory considerations.

The Saudi government is looking to reduce its dependency on oil come 2030, this move is however a part of the initiative to ensure the country’s vision 2030 is realized. The country is aiming to diversify its economy as well as develop public service sectors including recreation, health, and tourism.

Local banks and payment companies will be major players in the CBDC project and implementation.

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