Saudi Central Bank Mulls Blockchain for Finance, Rejects Phasing Out Cash: Report

Posted on by American Coins & Gold

Saudi Central Bank Mulls Blockchain for Finance, Rejects Phasing Out Cash: Report
Saudi Arabia’s central bank is experimenting with emerging technologies like blockchain for the finance sector, but doesn’t intend to phase out cash in favor of digital payments, according to an interview with local newspaper Al Eqtisadiah.Central bank digital currencies (CBDCs) are one of the most important financial technologies under development, but the kingdom does not intend to phase out the use of physical cash, according to a central bank representative quoted in the report.The central bank was one of the first in the world to experiment with CBDCs back in 2019 when it announced project Aber, a bilateral experiment with…