Saudi Arabia will launch its own cryptocurrency next year, according to Al Zahrani, head of the Saudi Arabian Monetary Fund (SAMA). According to available information, this cryptocurrency is being developed jointly with another oil-rich country - the UAE.
On Monday, the governor of the UAE central bank announced that the cryptocurrency is already at the development stage.
In his interview with Agraam, Mubarak Al-Mansouri said that the launch date of the new digital currency will be determined by how quickly Saudi Arabia can complete the necessary research. However, some cryptocurrency enthusiasts will be disappointed to learn what's actually in store.
The new cryptocurrency will be more like a payment system than a real coin. It is being developed exclusively for use by banks, and not for the average citizen who would buy a takeaway pizza or a pack of his favorite ice cream with that money.
“This cryptocurrency will not replace fiat,” Al-Mansouri said. “It will become a new digital payment instrument that will be used by banks, not individuals.”
The question arises - what exactly will cryptocurrency look like?
Will it be pegged to the Saudi dinar or will it be a completely new coin? In any case, the move comes a week after Christine Lagarde, head of the IMF, said central banks should consider exploring and developing digital assets.
According to financemagnates.com
You May Also Like
Interest in Bitcoin in Venezuela is growing along with inflation
Last Thursday, Venezuelan President Nicolas Maduro raised the minimum wage in VES (sovereign bolivar) by 150% and the exchange rate for Petro, from VES 3,600 to 9,000, as the two indices are linked to each other. However, Petro has recently become mandatory for certain payments in the country, despite the increased cost.
The Venezuelan bolivar is planned to be revived through Petro
Venezuela is seeking to end once and for all the hyperinflation that has virtually destroyed the bolivar, forcing the government to create a new currency - a sovereign bolivar, which will be pegged to the Petro cryptocurrency. The country's President Nicolas Maduro announced the release date of the new currency - August 20 - and said that the country needs an “economic revolution.”
