Oman’s digital currency under development

The central bank of Oman is working on a digital currency and open banking services, according to the national news agency.

According to the news agency, Tahir Al Amri, the regulator’s executive president, the Central Bank of Oman is committed to encouraging innovation and modernization while ensuring financial stability.

Mr Al Amri was speaking at the Muscat-based New Age of Banking Conference. There were no other details supplied.

Due to the growing popularity of cryptocurrencies as an asset class among regular and institutional investors, central banks are looking at their development.

According to Fitch Ratings, the rapid development of central bank digital currencies (CBDC) may assist to increase financial inclusion and stability, but they also pose a threat to banks and may damage their ability to lend.