Egypt’s central bank is studying issuing a digital currency, its sub governor Ayman Hussein said at conference in Abu Dhabi on Sunday.

The central bank is conducting the feasibility studies in cooperation with a number of international financial institutions, Hussein said, without disclosing names or specifying whether the anticipated currency would be traded for banks only or between banks and clients.

Digital currency has several benefits including lowering the cost of banknote issuance and use of cash, Hussein added.

Having a digital currency encourages greater use of electronic payments and supports the Egyptian government’s approach to transform into a cashless society.

Digital currencies are based on blockchain technology. Blockchain technology, which is the backbone of digital currency, has the potential to disrupt financial services by reducing the cost and complexity of financial transactions, while also augmenting transparency.