A survey by the International Monetary Fund (IMF) shows that central bank digital currencies (CBDC) have significant potential benefits in the Middle East, especially in promoting financial inclusion and improving cross-border payments.
At present, about two-thirds of the Middle Eastern countries are actively exploring the issuance of their own digital currencies. Among them, countries such as Bahrain, Georgia, Saudi Arabia and the United Arab Emirates have entered the proof-of-concept stage, and Kazakhstan has even launched two digital currency pilot programs.
Potential benefits of CBDC in the Middle East
The International Monetary Fund (IMF) emphasized in its report that for a region like the Middle East, which has many oil exporters, it is crucial to establish a seamless cross-border payment system. Cross-border payments in the Middle East currently face many challenges, including inconsistent data formats, differences in operating and compliance rules, etc. The IMF believes that the introduction of CBDC can effectively solve these problems, reduce transaction costs, and improve payment efficiency.

The Russian government is considering regulating the entire circulation process of stablecoins, including the domestic transfer, accumulation and use of these assets in cross-border payments.
The Russian government is considering officially legalizing stablecoins for international transactions in order to simplify cross-border payments for Russian businesses amid ongoing sanctions, Izvestia reported July 3, citing the Russian Central Bank.
It is reported that the Central Bank of the Russian Federation is actively evaluating a proposal to allow the use of crypto assets pegged to stable value assets such as the US dollar or gold, which have relatively low volatility and are more stable than other cryptocurrencies.