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CBDCs set to boost GCC’s cross-border payment efficiency: IMF
GCC countries can enhance financial inclusion and boost the efficiency of cross-border payment services by adopting central bank digital currencies (CBDCs), according to the International Monetary Fund (IMF). The Washington-based fund said the adoption of CBDCs appears to be an important priority for the GCC countries, including the UAE, Saudi Arabia, Bahrain, Kuwait, Oman and Qatar, an IMF blog said, quoting a recent departmental paper 'Central Bank Digital Currencies in the Middle East and Central Asia.' At least 19 countries in the Middle East region, as well as Central Asia, are on track to issue CBDCs. While the ... (full story)