RATE Group | UAE Central Bank, Saudi Arabia to Develop Joint Cryptocurrency for Interbank Transaction…
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UAE Central Bank, Saudi Arabia to Develop Joint Cryptocurrency for Interbank Transaction…

12 Dec UAE Central Bank, Saudi Arabia to Develop Joint Cryptocurrency for Interbank Transaction…

Posted at 19:46h in Cryptocurrency News by

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The United Arab Emirates’ (UAE) central bank is collaborating with the Saudi Arabian Monetary Authority (SAMA) to issue a cryptocurrency accepted in cross-border transactions between the two countries. English-language Dubai-based media outlet GulfNews reported on this collaboration on Dec. 12.

Mubarak Rashed Al Mansouri, the governor of the UAE’s central bank, said during a meeting on the global banking standards and regulation for the Arab region that:

“This is probably the first time ever that witnesses the cooperation of monetary authorities from different countries on this topic and we hope that this achievement will foster similar collaboration in our region.”

Still, Al Mansouri also pointed out that this “is just a study” and that they “have not gone deeper into it.” The digital currency under development is supposed to be used only between banks. According to Al Mansouri, this would be ”much more efficient.”

Al Mansouri added that the recent development in…

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