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[ltr][rtl]Release date: 2018/12/6 18:29[/rtl] • [rtl]176 times read[/rtl][/ltr]
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Ahmed Al-Khulaifi, governor of the Saudi Arabian Monetary Agency (SAMA), confirmed that the institution has started in cooperation with the Central Bank of UAE to issue a digital currency and use the "Balkchin" techniques for interbank payments.
Al-Khulaifi said in his speech at the fourth Islamic Finance Conference held at the University of "Effat" under the title of "Balukchin, smart contracts and Islamic finance": "The unified digital currency is only a digitized representation of currency, and does not replace the current official currency, and will be issued to participating banks only, Limited operations, in accordance with the pilot program framework. "
"The project provides an opportunity to study the technical infrastructure through which digital currencies will be studied, how they will be issued and traded, in addition to matching and adjustments."
Al-Khulaifi said earlier that the works of art for launching a pilot digital currency with the UAE were initiated in the first quarter of this year. He pointed out that in light of the global changes in the field of industrial revolution and modern digital technologies, Called "encrypted assets, blockbuster techniques and distributed books".
"Some central banks have begun to explore and experiment with these techniques in order to gain a deeper understanding of the technical aspects and study their impact on legal, legislative, monetary and financial stability," he said.
Economic policies in Saudi Arabia have recently witnessed many developments aimed at strengthening the economic structure and moving towards a diversified and sustainable economy.
In the first quarter of 2018, Sama launched the Ripple Pilot initiative, which is expected to reduce the cost of payments and improve customer experience.
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The issuance of a joint Saudi-Saudi digital currency
[/ltr][ltr][rtl]Release date: 2018/12/6 18:29[/rtl] • [rtl]176 times read[/rtl][/ltr]
[ltr]
[Where - Continue]
Ahmed Al-Khulaifi, governor of the Saudi Arabian Monetary Agency (SAMA), confirmed that the institution has started in cooperation with the Central Bank of UAE to issue a digital currency and use the "Balkchin" techniques for interbank payments.
Al-Khulaifi said in his speech at the fourth Islamic Finance Conference held at the University of "Effat" under the title of "Balukchin, smart contracts and Islamic finance": "The unified digital currency is only a digitized representation of currency, and does not replace the current official currency, and will be issued to participating banks only, Limited operations, in accordance with the pilot program framework. "
"The project provides an opportunity to study the technical infrastructure through which digital currencies will be studied, how they will be issued and traded, in addition to matching and adjustments."
Al-Khulaifi said earlier that the works of art for launching a pilot digital currency with the UAE were initiated in the first quarter of this year. He pointed out that in light of the global changes in the field of industrial revolution and modern digital technologies, Called "encrypted assets, blockbuster techniques and distributed books".
"Some central banks have begun to explore and experiment with these techniques in order to gain a deeper understanding of the technical aspects and study their impact on legal, legislative, monetary and financial stability," he said.
Economic policies in Saudi Arabia have recently witnessed many developments aimed at strengthening the economic structure and moving towards a diversified and sustainable economy.
In the first quarter of 2018, Sama launched the Ripple Pilot initiative, which is expected to reduce the cost of payments and improve customer experience.
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