By innovation-sa on October 19, 2017 in News

SAMA to launch digital currency for banks

The Saudi Arabian Monetary Authority (SAMA) is planning to implement a pilot project to issue a virtual/digital currency that will only be traded among banks. There are no plans to issue a digital currency for trading between individuals and companies.

SAMA plans to dispense with SR 1 currency notes and issue coins for this denomination instead. SAMA is taking all steps needed for the issuance and circulation of riyal coins, which will be available at the SAMA headquarters, its branches and the entire banking sector.

Arab News – 7 October 2017