According to the latest bulletin released by the Central Bank of Saudi Arabia, the regulator plans to continue to explore options for using a national digital currency, however, no decision has yet been made on its possible issuance.
The document shows that the central bank of the country is focusing its efforts on exploring the benefits and potential risks of implementing a CBDC.
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The regulator is currently developing a scenario for the wholesale use of the national digital currency in cooperation with local banks and fintech firms.
However, the central bank is also doing some research on economic impact, market readiness as well as and the application of a CBDC-based payment solution.
It is important to remember that the hypothetical release of a national CBDC is part of the Saudi Vision 2030 strategy, which is an initiative aimed at reducing the country’s dependence on oil, diversifying its economy and developing public service sectors.