Saudi Arabia and UAE consider joint cryptocurrency

Posted 21 January, 2019

Saudi Arabia and the UAE are said to team up for development and launch of new digital coin. 

The representatives both countries took part in the first meeting of Executive Committee of the Saudi-Emirati Coordination Council held in Abu Dhabi January 19. The meeting was aimed at discussion of the joint project, including determination of the strategy called the Strategy of Resolve, as reported the official Emirati media Emirate News Agency.

The Strategy of Resolve will involve initiatives for social, economic and military "integration" between the countries. 

According to the press release, the countries agreed on the launch of seven strategic projects. Among these projects, it should mention an initiative aimed at the development of Saidi-Emirati Pilot crypto.

"The cross-border digital currency will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of Blockchain technology and facilitating cross-border payments," reads the report.

The development of the project will also help the countries to study the impact of the cryptocurrency on the monetary policies in the UAE and Saudi Arabia. The crypto initiative targets customers' protection and is designed to set "standards for technology". The planned currency is said to be based on the distributed database between central banks and other banks that take part in the transactions.

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