The Executive Committee of the Saudi-Emirates Coordination Council announced the launch of a new Saudi-Emirati cryptocurrency, as reported by the CCN news agency and Emirates News Agency news portal.
The Executive Committee of the Saudi-Emirates Coordination Council was created in 2016 based on a joint initiative, but the first meeting was held only in January 19 of this year. At the end of the meeting, the committee announced seven initiatives that will be implemented in both countries. One of the "initiative" projects is a joint tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details – "Saudi-Emirati".
Saudi-Emirati Token for cross-border payments
According to the decision of the council, the new cryptocurrency will be used for cross-border payments between central and local banks.
At this stage, the token will be an experimental project for understanding and studying blockchain-technology. In addition, according to board members, the new crypto-coin will be able to provide uninterrupted and fast transactions in two countries.
"Virtual currency operates according to a distributed database between central banks and participating banks on both sides (...). We strive to protect the interests of clients, set technological standards, and evaluate cybersecurity risks. The project will also determine the impact of the central currency on monetary policy." – from a report by the Executive Committee of the Saudi-Emirates Coordination Council.
The "Saudi-Emirati" new token will be a joint project of the UAE and Saudi Arabia. As you know, the first research on cryptocurrency began last year by the financial institutions of both countries, when the UAE Securities and Commodities Authority recognized ICOICO
(Initial Coin Offerings) is an acronym, which means a primary currency offer. Details tokens as securities.