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RIYADH: Saudi Arabia’s Central Bank Gov. Fahad Almubarak said digital currencies will not be an absolute alternative to cash but will rather play an integral role alongside other payment systems.
He was speaking on the second day of the Council of Arab Central Banks and Monetary Authorities Governors meeting in Jeddah, reported Argaam.
Almubarak highlighted different aspects of issuing a digital model of sovereign currencies represented by digital currencies for central banks.
The SAMA chief said central banks’ digital currencies should be designed by taking into account each country’s specifications.
He also highlighted the importance of fintech firms for the growth of the financial sector.