The Maldives will introduce a digital currency, President Mohamed Muizzu has announced. He was speaking during the graduation event for the Maldives National University (MNU).
While noting that by 2030, the nation’s digital economy will account for 15 percent of GDP, the President said that he had advised the Governor of the Maldives Monetary Authority (MMA), Ahmed Munawar, to begin work on introducing a digital currency.
As the central bank has already begun work on the introduction of digital currency, cryptocurrency or digital currency will be introduced while addressing the totality of an enabling legal framework, Muizzu noted.
“We will still [work] to expand digital currency in the country in line with international best practice standards,” he said, explaining that the introduction of digital currency will create opportunities for graduates, youth, and professionals to more easily participate in the economy.
Muizzu added that in the future, he envisioned the Maldives to be a leader in the field of digitalisation and artificial intelligence.
Munawar, meanwhile, had earlier said that the Maldives is working to create its own digital currency as it is now the safest type of currency in the world.
