The Arab news publication Gulf News reports that the United Arab Emirates (UAE) and Saudi Arabia will be working on cross-border digital currency. The exact date of its release is still unknown, but one thing is certain: the cryptocurrency is not intended strictly for banks.
The Central Bank of the United Arab Emirates, along with its Saudi counterpart, the Saudi Arabian Monetary Authority (Sama), will use the digital currency for payments between their countries.
Mubarak Rashid Al Mansuri, Head of the UAE Central Bank :
"This is probably the first case of cooperation of the monetary authorities of different countries on this topic, and we hope that this achievement will contribute to similar cooperation in our region."
He also confirmed that the cryptocurrency, which will be released in the near future, will not be available to consumers, but will be strictly a medium of exchange between banks in both countries.
The UAE is developing the blockchain technology and cryptocurrency in general. In October, CCN announced the emirate’s plans to approve initial coin offers (ICO) as a means of financing private companies in the Emirates, promising to create a regulatory framework before the end of the first half of 2019.
