The first digital currency will be launched in Oman

The Omani authorities are working on the creation of the country’s first digital currency (CBDC), Central Bank of Oman Governor Salem Al Omari has announced.

«Technological developments of our specialists contribute to changes in the financial services sector, and Oman’s digital transformation has accelerated during the pandemic, especially in payment and settlement systems,» said the Governor of the Central Bank of Oman.

According to Alarab journalists, cryptocurrencies were previously viewed with suspicion by the government in Oman due to fluctuations in value and concerns about their use in money laundering and cyber fraud. However, over the past 5 years, the number of cryptocurrency transactions in the country has increased almost 5 times.

It was precisely because of the increase in cryptocurrency demand that the decision to introduce digital currency into circulation, following the example of Jamaica and Brazil, was unequivocal. Recently, the Central Bank of Jamaica officially recognized the Jam-Dex digital currency (CBDC) as legal tender. Jamaica became the first country in the world to legalize CBDC at the legislative level.