The Maldives Monetary Authority (MMA) has begun the process of introducing digital currency in the Maldives, according to President Dr Mohamed Muizzu.

Speaking at the graduation ceremony of Maldives National University (MNU), the President expressed his goal of transforming 15 percent of the country’s GDP into a digital economy. He emphasized that the initiative to introduce cryptocurrency or digital currency has already been initiated to achieve this objective.

"The MMA governor has commenced this process. We aim to expand digital currency in the Maldives in accordance with international best practices by enacting a special law to address all its legal aspects," he said, referring to the planned incorporation of cryptocurrency and digital currency into the Maldivian economy.

President Dr Muizzu added that the introduction of digital currency will empower the youth and various artisans who have gained education and skills to engage in economic activities. He aims to position the Maldives as a technologically advanced nation, aspiring to make it one of the world's leaders in artificial intelligence.