GCC has more potential than other regions to move to digital currency : SAMA Governor

SAMA Governor Fahad bin Abdullah Al-Mubarak 

The GCC region currently has the potential more than any other region to move to digital currency, as the GCC countries have a joint clearing system, said Governor the Saudi Central Bank (SAMA) Fahad Al-Mubarak. 

In addition, the GCC countries have extremely similar exchange policy, in terms of dollar peg with some countries have probably more of a basket tilted toward the dollar, he added. 

Speaking during the fifth edition of Future Investment Initiative (FII) conference, Al-Mubarak pointed out that the shift to the unified digital currency in the GCC region will follow the launch of a unified fiat currency. 

A trial has started with other partners, and there will be a huge development in the coming years," said Al-Mubarak, indicating that this will not mean doing away with conventional banking systems.

SAMA and the Central Bank of the UAE earlier launched a joint currency project, according to Argaam's data.