The Saudi Central Bank: Do not direct to cancel the paper currency

Today, Saturday, the Saudi Central Bank (SAMA) revealed that there is no tendency to cancel the paper currency, indicating that the paper currency is gaining legally binding legal force to repay debts and fulfill obligations.

 The bank said, according to Al-Eqtisadiah newspaper, in its issue today, that it had worked to implement one of the initiatives of the Financial Sector Development Program related to moving towards a cash-less society, by targeting raising the percentage of electronic payments operations to 70% of the total payment transactions in 2030.

 He pointed out that he is currently working on studying and experimenting with a number of emerging technologies related to the financial sector from several aspects, the mechanism for benefiting from these technologies, analyzing their potential risks, and finding appropriate frameworks to manage them before making any decision regarding them.

 He explained that central banks’ digital currencies often depend on the use of distributed ledger and block chain technologies, in order to take advantage of several advantages and characteristics offered by these two technologies, noting that he is one of the first central banks at the level of the G-20 countries to experiment with these two technologies through the “transit” digital currency project.

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