GCC urged to introduce digital money

MANAMA: The GCC central banks have been urged to start negotiations to launch a sovereign encrypted currency.

A report issued by the Bahrain Centre for Strategic, International and Strategic Studies (Derasat) stressed the importance of putting in place a regulatory framework that suits the GCC countries’ economic and financial situation.

The report also stressed the importance of fast-tracking between the Saudi Arabian Monetary Authority and the UAE Central Bank to launch the digital currency.

The reported was prepared by Dr Fatima Al Subae under the theme “Covid-19 Impact on Encrypted Currencies and Financial Services”.

The researcher urged GCC countries to develop financial technology to be able to attract more investments and speed up the digilisation of financial services.

She said the pandemic has led some countries to embark on experimenting sovereign encrypted currencies and engage discussions between central banks and other institutions concerned in public and private sectors.

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