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RIYADH, Oct. 4 (Xinhua) -- Saudi Arabia announced Wednesday the introduction of digital currency for transactions between banks, Ajil online local news reported.
The pilot initiative aims to meet global development, Ahmed Al Khalifi, governor of the Saudi Arabia Monetary Authority (SAMA), told a press conference.
He said the authority has received three requests for bank licensing.
The governor also expected the end of the use of banknotes in the kingdom in the future.
The digital currency is part of a Saudi massive reform to achieve economic diversity and less dependence on oil revenues.
