The Clap
The Saudi Central Bank (SAMA) is currently working in cooperation with banks and fintech companies in KSA on a project, where SAMA allocates digital currency to financial institutions locally.
What
SAMA is currently looking into the economic impact, market readiness, and how quickly can applications of payment solutions using its digital currency be applied.
So What
SAMA succeeded in testing the bank’s digital currency through the “Aber” project in 2019, an initiative launched in cooperation with SAMA and the UAE to explore how ledger technology can be used to facilitate cross-border payments.
Now What
SAMA is yet to decide when it will start using its digital currency in Saudi Arabia but indicated that it would continue to explore the potential benefits and risks of using digital currency.
