Mohsen al Zahrani, director of the Saudi Arabian Monetary Circulation Agency (SAMA), said his country will launch its own cryptocurrency next year. About writes this Finance magnates.
Saudi Arabia and UAE will launch their own cryptocurrency next year
The first words of al Zahrani were quoted by the Saudi news agency on Tuesday, according to which this cryptocurrency can be developed together with another oil power – the United Arab Emirates (UAE).
On Monday, the Governor of the Central Bank of the UAE Mubarak Al Mansoori said that their cryptocurrency has already entered the development stage.. Moreover, in an interview with local newspaper Agraam, al Mansoori said that the launch of the new cryptocurrency will depend on how quickly Saudi Arabia completes the research needed to develop it..
At first glance, the development of its own token by the central bank should only inspire cryptocurrency supporters, but if you take a closer look at it, then everything is not so simple.
The new cryptocurrency will be more of a payment system than a token. It is developed exclusively for the needs of banks, and not the average user. “This digital currency will not replace physical money, – said al Mansoori. “This will be a new payment instrument used not by individuals, but by banks”.
This makes you wonder what exactly this cryptocurrency will look like. Will it be pegged to the Saudi Arabia dinar or will it be a brand new token? If the former, then it is not clear why call it a cryptocurrency, and not just a new system that allows you to make payments using the Saudi dinar through the blockchain..
Recently, the head of the International Monetary Fund Christine Lagarde said that central banks need to start looking away digital assets and take into account the option of developing your own cryptocurrencies.
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