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Science & Technology

United Arab Emirates (UAE) and Saudi Arabia Plan to Create New Cryptocurrency

Wednesday 06/February/2019 - 03:44 PM
Sada El Balad

The United Arab Emirates (UAE) and Saudi Arabia have recently started working together on the creation of a new cryptocurrency، Crypto IQ website reported.

The Emirate News Agency، an official news arm of the UAE، announced that the executive committee of the Saudi-Emirati Coordination Council held a 16-member meeting between the two countries to discuss the “Strategy of Resolve،” a seven plan initiative.

While the initiative includes a variety of goals، the development of a cross-border cryptocurrency is one of them. This cryptocurrency will not be similar to Bitcoin.

It will be solely used by banks to make cross-border payments. The aim of the cryptocurrency is for both nations to learn more about blockchain technology، cryptocurrencies، and enable cross border payments.
The Saudi-Emirati Pilot cryptocurrency seeks to safeguard customer interests، set technology standards، and assess cybersecurity risks. An additional goal is to understand how a central currency affects financial policy

The initiative seems like an avenue for both countries — which have previously expressed pro-blockchain and pro-cryptocurrency sentiments — to explore the actual implementation of a cryptocurrency and the underlying blockchain system.

While this appears to be a testing of the waters rather than full-scale adoption، it demonstrates an ongoing commitment to improving national infrastructure through the benefits offered by distributed ledger technology.

Edited by: Nada moustafa

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