Saudi Central Bank Takes Further Steps Toward Blockchain Adoption

October 29, 2021

According to a recent interview conducted by Saudi Arabian publisher Al Eqtisadiah, the Saudi Central Bank is giving serious thought toward incorporating blockchain technology into finance activity.

Saudi Arabia is notable for being one of the earliest adopters of Central bank digital currencies (CBDCs), and collaborating with the U.A.E. on the project Aber to test the functionality of blockchain-based digital ledgers for cross-country transactions. Though the experiments for the project were largely successful, the kingdom has been firm on its position for maintaining physical cash in the economy.

Although Saudi Arabia has no intentions of leaving cash behind, the kingdom does intend to promote the use of digital payments. The Saudi Arabian Monetary Authority (SAMA) revealed last year that it hopes to increase electronic payments by 70% over the next decade.

Crypto and other blockchain-based digital currencies are becoming attractive payment options in the increasingly digital world, but many people are still hesitant about mass adoption on a global scale. The excitement and potential behind the tech may blind some enthusiasts about any possible issues with digital currencies.

Saudi Arabian officials are taking a wise approach toward their approach to digital finance, offering support for enthusiasts and traditionalists. Testing the effectiveness of digital currency is the safest bet for future implementation, which should not be rushed out simply because of popularity. Not only that, cash is still a viable method for financial transactions, and is still the preferred payment option for those who are skeptical of digital currency.

Edited by Maurice Nagle

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