Central Bank of Saudi Arabia announces plans for in-depth study of CBDC

The Central Bank of Saudi Arabia (SAMA), in cooperation with national banks and fintech companies, intends to conduct an in-depth study and testing of the possibilities of using CBDC.

In particular, SAMA will focus on domestic wholesale use cases for the government's digital currency.. The next phase of the project will focus on testing hypotheses about the economic, political, legal and regulatory implications of digital currency adoption, as well as examining market readiness for CBDC-based payment solutions.

The head of the Central Bank of Saudi Arabia, Fahad Almubarak, said that in the course of conducting CBDC studies, the bank intends to actively consult with its partners from the international banking community.. The central bank hopes to work with them to better understand the functionality of CBDCs and test different design options.

In January, Red Date Technology, the technical architect of China's national platform Blockchain Service Network, announced the launch of a cross-border payment system for settlements in stablecoins and CBDC.