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MMA discusses introduction of "Digital Rufiyaa"

Mohamed Rehan
31 May 2023, MVT 12:42
Maldives Deputy Governor Ahmed Imad; claims MMA is currently in discussions to introduce 'Digital Rufiyaa'-- Photo: MPAO
Mohamed Rehan
31 May 2023, MVT 12:42

Maldives Monetary Authority (MMA)'s Deputy Governor Ahmed Imad said that discussions are underway at various levels to create a digital version of the Maldivian currency, "Maldivian Ruffiyaa".

During the Maldives Financial Forum, which commenced on Monday, May 29, the Deputy Governor said that 94 percent of the usable currency in the Maldives is currently digital, indicating significant opportunities for digital banking and financial technology (FinTech) in the country.

Imad said that the introduction of cryptocurrency and digital token options in the Maldivian financial sector would enhance financial transactions and contribute to the overall growth of the industry following the integration of FinTech solutions.

“When we begin such an initiative, we need to gain the trust and support of all stakeholders, and establish clear regulatory frameworks to effectively implement digital currency options," said Imad.

Imad highlighted the significance of providing greater opportunities for local FinTech solution providers through the implementation of financial regulations.

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