No absolute alternative to cash, says SAMA chief

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.