On Monday the Saudi Arabia Monetary Authority (SAMA) said it was continuing its central bank digital currency (CBDC) experiments focusing on a domestic wholesale CBDC. In other words to be used for payments between financial institutions, including banks and fintechs.
Its focus is on exploring the economic impact, the readiness of participants, and the potential for wholesale CBDC applications. At the same time, it is looking at policy and legal implications.
The central bank confirmed that no decision has been made about introducing a CBDC.
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