Saudi Arabia expands use of cryptocurrencies

Posted 12 September, 2019

The Middle Eastern region can reportedly witness appearance of the first international cryptocurrency. Saudi Arabia and the UAE announced tests of the coin in the cross-border transfers. Specialists of both countries will engage in the development of cryptocurrency.

The central banks of the above mentioned countries stated that the start of a compromise on cross-border payments for the new blockchain. Specialists of relevant departments note that the use of cryptocurrency for settlements will significantly simplify all processes and reduce transaction costs.

The cryptocurrency of an international type should appear before the end of this year. It is possible that this coin will be a stablecoin, which will be partially supported by the dollar and the dirham. When creating a coin, the experts will be guided by the model of the single currency of the European Union, which has been adapted in the economy of several EU countries.

Saudi Arabia invests heavily in the renewable energy sector, tourism, and now in the blockchain to stop dependence on oil exports.

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12 September, 2019 12:51

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