UAE and Saudi Arabia to launch joint cryptocurrency

12 Dec, 2018
by David Robb
UAE and Saudi Arabia to launch joint cryptocurrency

The United Arab Emirates and Saudi Arabia are due to jointly launch a new cryptocurrency. Gulf News reports that representatives of the two nations recently met to discuss plans.

In Abu Dhabi on Wednesday, the governor of the Central Bank of the UAE (CBUAE) announced that it would be undertaking a joing project with the Saudi Arabian Monetary Authority (Sama), in order to develop a new blockchain-based payment method and crypto token. This would be used primarily to settle cross-border transactions between the two countries.

According to the CBUAE, "CBUAE and Sama intend to execute a joint crypto-currency and Distributed Ledger Proof-of-Concept (PoC). The PoC’s design mainly focuses on the transfer of ownership of a central bank asset (crypto-currency) among participants."

This is a big step forward in terms of monetary co-operation between the two countries, as well as signaling a new approach to cryptocurrencies in the Gulf region. The UAE has been leading the way on this front recently, with a move to allow ICOs to be launched in the country, as well as the first official approval of a registered cryptocurrency exchange.

Read more: Bitex cryptocurrency exchange launches in UAE; United Arab Emirates set to allow ICOs to boost capital markets

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