Discussions of digital currency creation ongoing: MMA

Maldives Monetary Authority tower | Photo: Sun

Maldives Monetary Authority’s Deputy Governor Ahmed Imad has said that 94 percent of the currency used in Maldives can be used digitally and discussions are underway at various levels to create a digital currency.

At the Maldives Financial Forum held by the Pension Office, Imad said there was a huge opportunity for digital banking in Maldives and financial technology (fintech) could be further expanded.

He said the financial sector can be developed with crypto and other digital currencies. With that, innovative new ways of issuing and raising funds will be created and the financial sector will be expanded to another level, he said.

“When you do something like this, you have to gain confidence in the whole system. There have to be regulatory frameworks in place to do such things,” he said.

Imad said the necessary regulations should be formulated to facilitate more opportunities for fintech service providers in the financial sector in Maldives.