The Deputy Governor of Maldives Monetary Authority (MMA) Ahmed Imad said that discussions are now underway to create a digital version of the Maldivian Rufiyaa.
While speaking at the Maldives Financial Forum, which commenced on 29th May, the Deputy Governor said that 94% of the usable currency in the Maldives is currently digital. He added that this was indicative of the wide banking and financial technology (FinTech) opportunities in the Maldives.
Imad also said that the introduction of cryptocurrency and digital token options in the Maldivian financial sector will enhance the financial transactions and contribute towards the collective growth of the economy.
“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,” commented Imad.
He further highlighted the importance of providing greater opportunities to local FinTech solution providers through the implementation of financial regulations.