MUSCAT, JUNE 18
The Central Bank of Oman (CBO) is preparing to appoint an international consultancy firm as an Independent Assessor to provide assurance and validation support for its Central Bank Digital Currency (CBDC) programme, marking a further step in the Sultanate’s digital finance transformation agenda.
Submissions for the related tender close on June 28, 2026, with the selected bidder expected to support the central bank in evaluating the CBDC’s feasibility, design, governance framework, implementation readiness, and associated risks.
A CBDC is a digital form of sovereign currency issued and backed directly by a country’s central bank, carrying the same legal status and value as physical cash. Unlike private digital assets such as cryptocurrencies, including Bitcoin and Ethereum, or privately issued stablecoins, CBDCs are a direct liability of the central bank and are designed to maintain stable value aligned with the national currency. Globally, CBDCs are viewed as a tool to modernise payment systems, reduce transaction costs, improve efficiency, enhance financial inclusion, strengthen cross-border payments, and preserve monetary sovereignty in an increasingly digital financial ecosystem.
The introduction of an Independent Assessor is expected to provide new momentum to Oman’s CBDC journey. Over the past three years, the CBO has adopted a cautious, research-led approach, positioning CBDC within its broader fintech and digital finance strategy.
In December 2023, the CBO initiated an extensive study to examine CBDC design options, regulatory frameworks, cybersecurity requirements, and potential use cases. This was followed by early-stage pilot exploration work, signalling a gradual progression from conceptual research toward practical experimentation.
The Independent Assessor’s role is intended to ensure objective, end-to-end oversight across all phases of the CBDC programme. This includes pre-implementation strategy and feasibility assessment, evaluation of technical architecture and solution design, supervision of implementation activities including proof-of-concept and pilot execution, and verification of system readiness for potential full-scale rollout. Crucially, the assessor will operate independently from implementation contractors to ensure impartial validation and quality assurance.
The role requires multidisciplinary expertise spanning technical, functional, operational, regulatory, strategic, and risk domains. In line with internationally recognised frameworks such as Bank for International Settlements (BIS) principles and International Monetary Fund (IMF) guidance, the assessor will evaluate CBDC architecture, cybersecurity posture, legal and regulatory compliance, governance structures, financial viability, scalability, and user impact. It will also assess interoperability with existing financial infrastructure and broader monetary policy implications.
A key function of the assessor will be to identify gaps, risks, and mitigation strategies throughout the programme lifecycle, while providing independent recommendations to support informed decision-making by the CBO on pilot deployment and eventual full-scale implementation.
Regionally, CBDC development has gained significant momentum in the Gulf, led by the Central Bank of the United Arab Emirates and the Saudi Central Bank, both of which have advanced pilot and cross-border experimentation initiatives. Globally, more than 130 countries are exploring CBDCs, with several already operating live retail systems, while major economies such as China, the European Union, and the United Kingdom continue large-scale trials.
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