UAE and Saudi Arabia to Create a New Cryptocurrency

UAE and Saudi Arabia to Create a New Cryptocurrency

Saudi Arabia and the United Arab Emirates will have their own cryptocurrency in the near future as both countries reached an agreement to create new crypto, according to a press release.

The UAE official news agency Emirate News Agency reported that seven initiatives were included in the Strategy of Resolve, a framework that the 16 members of the Executive Committee of the Saudi-Emirati Coordination Council developed in a meeting in Abu Dhabi.

According to the announcement, the seven announced initiatives are as follow, “Saudi-Emirati Pilot cryptocurrency The first of its kind joint pilot cryptocurrency was launched during the meeting.”

“The cross-border digital currency will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of Blockchain technology and facilitating cross-border payments. The virtual currency relies on the use of a distributed database between the central banks and the participating banks from both sides.”

The project will also work on the effects of a central currency on financial policies.

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