Central Bank of Bahrain conducts study on issuing digital currency

MANAMA: The Central Bank of Bahrain (CBB) has conducted a study on the possibility of issuing a digital currency of the Bahraini dinar, said CBB Governor Rasheed Al Maraj.

Given the special nature of this project, the CBB is keeping a close follow-up on all requirements to ensure all measures to be taken are safe prior to the launch of digital currency, he said.

The CBB has the exclusive right to issue a digital currency as it replaces and complements the paper currency, he pointed out, in reply to a question by Shura Council member Bassam Al Binhameed on the kingdom’s plan to adopt digital currency and financial technology as an official financial system.

At present, central banks at GCC countries have no plans to issue joint digital currencies, he added.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.