Saudi Arabia is Not in the Hurry to Develop its CBDC

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Despite the fact that the Central Bank of Saudi Arabia intends to continue working in the development and application of a central bank digital currency (CBDC), the regulator will not rush to create a token, the press service of the Saudi regulator has said.

The asset, which can be used in wholesale and retail trade, will be used by both banks and fintech companies serving the business sector of the kingdom. Despite no more advances in the field of CBDC research, the Central Bank has not yet made a final decision on the issuance of the token.

The regulator has not given any timing for the development and integration of the digital currency into the financial system of the state.

Fahad Almubarak, head of the Bank of Saudi Arabia, has said that commercial banks and blockchain startups will be able to participate in the implementation of the CBDC project as soon as the regulator decides to create it.