The Arab Monetary Fund (AMF), a sub-organization of the Arab League, has named RippleNet as a possible alternative to central bank digital currencies (CBDCs).
In a new report, the AMF’s Arab Regional Fintech Working Group says there is considerable risk for a nation to issue a CBDC, including the possibility that local currencies eventually lose their basic utility.
“There are many risks associated with the international positions on local CBDCs ranging from the risk of ‘digital dollarization,’ international spillovers and the impact on the international role of currencies.
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