Exploring the Digitization of National Digital Currency (Omani Rial) Using Blockchain Technology for Future Financial Advancements in Oman

Abstract

The most recent advances in technology have brought about significant changes in financial transactions and settlements through digital currency or cryptocurrency on a global scale. The proposed research aims to identify innovative technologies that could enhance Oman's current financial system by introducing digital currencies and leveraging cutting-edge technologies like blockchain. The research seeks to investigate the potential implementation of a national digital currency, the Omani Rial (CBDC), using blockchain technology. There are numerous aspects of the current financial system and government operations in Oman that could be enhanced through the use of blockchain technology. The study's focus is on understanding the reasons behind the reluctance of government and non-governmental organizations in Oman to embrace digital currency for their financial transactions. To achieve this, the study employs survey questionnaires and interviews as data collection tools. Subsequently, statistical analysis is conducted to derive the findings. Lastly, the study presents its findings, recommendations, and suggestions for the adoption of the Digital Omani Rial (CBDC) as a future means of conducting digital financial transactions in Oman, along with its associated benefits and legal considerations.