Saudi central bank mulls blockchain use

Web Desk BOL News

25th Oct, 2021. 10:48 am

CAIRO: The Saudi Central Bank (SAMA) is still examining some emerging technologies, including distributed ledgers and blockchain, before it makes any decision, Arab News quoted a report from Al Eqtisadiah.

SAMA is one of the first central banks in the G20 countries to experience distributed ledgers and blockchain technologies through the ‘Aber’ digital currency project.

These efforts are part of the central bank’s push to a less cash-dependent society, as outlined under the Kingdom’s Vision 2030.

The government wants to boost e-payments to 70 per cent of total transactions by 2030, the central bank said, as it has no intention of completely phasing out banknotes.

SAMA is optimistic it would achieve this goal five years earlier than the 2030 target.

Adsence 300X250