The United Arab Emirates and Saudi Arabia have announced the start of cooperation in the framework of a project related to the release of a new cryptocurrency , reports the government news agency Emirate News Agency .
According to the publication, a meeting of the executive committee of the Saudi Emirates Coordination Council was held on January 19 in the UAE capital Abu Dhabi, which was attended by 16 representatives of both countries, who discussed joint initiatives in the framework of the so-called “decision strategy”.
It includes seven projects and covers such areas as civil aviation, raising financial literacy among young people, and creating a cross-border digital currency.
As noted by Emirate News Agency :
"The cryptocurrency will be focused strictly on the banks during the pilot phase, which will allow a better understanding of the blockchain's capabilities in making cross-border payments."
Among other things, the project will examine the impact of such a currency on the financial policies of both countries. Its organizers intend to pay special attention to the issues of consumer protection, the creation of standards for technology and the risks of cybersecurity arising from the use of cryptocurrencies .
In December, it became known that the UAE intends to open a payment blockchain corridor to Asia using Ripple technology .
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