Saudi central bank mulls blockchain use, says no to phasing out cash

Saudi central bank mulls blockchain use, says no to phasing out cash
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 (File/Supplied)
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Updated 24 October 2021

Saudi central bank mulls blockchain use, says no to phasing out cash

Saudi central bank mulls blockchain use, says no to phasing out cash
  • 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.
  • The government wants to boost e-payments to 70 percent of total transactions by 2030, the central bank said, as it has no intention of completely phasing out banknotes. 

CAIRO: The Saudi Central Bank (SAMA) is still examining some emerging technologies, including distributed ledgers and blockchain, before it makes any decision, according to 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 percent 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.