Saudi Arabia and UAE to Partner on New Cryptocurrency

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As per the Emirate News Agency report, the United Arab Emirates (UAE) and Saudi Arabia announced an agreement to collaborate on the creation of digital currency.

As per the report, the Executive Committee of the Saudi-Emirates Coordination Council has held a meeting in UAE capital Abu Dhabi, with 16 members in total from both nations, to discuss the joint initiatives in the Strategy of Resolve.

The Strategy of Resolve in comprised of initiatives financial awareness youth backing, civil aviation and the development of a cross-border cryptocurrency. As per the article, the digital currency ‘will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of blockchain and facilitating cross-border payments.’

The joint digital currency project will further research the effect of a central currency on financial policies.

Emirates News Agency reports, the initiative purportedly tries to protect customer interest, creates standards for technology, and consider the cybersecurity risks while determining the impact of central currencies on monetary policies.

As reported in December 2018, that the UAE’s central bank was partnering with the Saudi Arabian Monetary Authority to issue a digital currency accepted in cross-border transactions between the two nations.

UAE is also looking to join the list of leading destinations for blockchain-based businesses in 2019 due to its new cryptocurrency legislation.