Maldives Monetary Authority (MMA) has conducted the National Workshop on Regulatory Sandbox on Central Bank Digital Currency (CBDC).
The workshop was officially inaugurated on August 11 by the Minister of Environment, Climate Change and Technology Aminath Shauna. In her welcome remarks at the workshop, the minister highlighted that this project will build the capacity of institutions and lay the foundations for the Introduction of digital currency in the Maldives.
Speaking at the workshop, Governor of MMA Ali Hashim said the goal of the authority is to ensure all stakeholders of the market have access to financial services that are fast, safe, efficient and convenient. He said with the technology available in the market and those that will be available in the near future, digital currency is no longer a far-fetched idea or a concept, but rather a reality.
The governor further stated convenience and efficiency can only be achieved if the basic services can be accessed from anywhere with the same level of ease, regardless of where someone is living or banking. The governor noted this is the financial inclusion envisaged by the authority at the forefront of the project. He added Central Bank Digital Currency (CBDC) is also a concept that has been widely discussed within MMA, as there has been significant interest towards CBDC from central banks all over the world.
MMA stated the National Workshop on the Regulatory Sandbox on CBDC provided vital feedback for the drafting of the regulatory sandbox to experiment towards digital Rufiyaa. The workshop was concluded on August 12.