Cryptocurrency

12/12/18 12:43 UTC-4

UAE and Saudi Arabia will work on cross-border digital currency for banks

UAE and Saudi Arabia develop their own cryptocurrency for banks
UAE and Saudi Arabia develop their own cryptocurrency for banks

The United Arab Emirates (UAE) and Saudi Arabia will work on cross-border digital currency for banks. The exact date of issue of the tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details
is still unknown, as was reported by the Gulf News.

Gulf News, the Arab news publication reported that the central bank of the UAE, together with its Saudi counterpart, the Saudi Arabian Monetary Authority (Sama), will jointly issue a cross-border digital currency to be used between both countries.

Recall that CCN first reported on cooperation between the monetary authorities of both countries back in 2017. At that time, Mubarak Rashid Al-Mansouri, head of the UAE Central Bank, informed the public that institutions are still learning the technology needed to realize a digital asset.

Al-Mansuri also said that the cryptocurrency will be used only between central monetary authorities and will not be available to retail consumers.

In his report on December 12, Al-Mansouri informed the audience that both monetary departments had not completed the research and had not set the framework "when the research will be completed".

"This is probably the first case of cooperation of the monetary authorities of different countries on this topic, and we hope that this achievement will contribute to similar cooperation in all regions of the country" – Mubarak Rashid Al-Mansouri.

He also confirmed that the cryptocurrency, which will be released soon, will not be available to consumers, but will be strictly a medium of exchange between banks in both countries.

Editor: Yulia Krasnaya

See also: "New Zealand: FMA Blacklisted Three More Crypto Platforms"

#UAE #Saudi Arabia #banks #cryptocurrency

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