RATE Group | UAE and Saudi Arabian Central Banks to Jointly Launch Cryptocurrency
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UAE and Saudi Arabian Central Banks to Jointly Launch Cryptocurrency

12 Dec UAE and Saudi Arabian Central Banks to Jointly Launch Cryptocurrency

Posted at 11:37h in Cryptocurrency News by

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UAE ICOs

It’s confirmed. The United Arab Emirates (UAE) and Saudi Arabia will work on cross-border digital currency. The exact date when it would be issued is still unknown but we know one thing, the digital currency is not targeted at consumers. It’s strictly for banks.

Arabian news outlet Gulf News reports that the central bank of the UAE, along with its Saudi counterpart—the Saudi Arabian Monetary Authority (Sama) will jointly issue a cross-border digital currency that will be used between both countries.

It could be recalled that CCN first reported about a collaboration between the monetary authorities of both countries as far back as 2017.

At the time, UAE Central Bank governor Mubarak Rashid Al-Mansouri had informed the public that the institutions were still studying the technology needed to execute the digital asset. Al-Mansouri was, however, cautious about the implementation once its finalized, stating that the cryptocurrency would be used between the central monetary…

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