United Arab Emirates (UAE) with Saudi Arabia are working together to develop a new cryptocurrency. This will be used in Cross-border transactions and banks.
According to Emirate News Agency, Executive Committee of the Saudi-Emirati Coordination Council meeting was held in Abu Dhabi the capital of UAE. Here over 16 members of both the countries discussed regarding the joint initiatives.
Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs of UAE and Mohammed bin Mazyad Altwaijri, Minister of Economy and Planning of Saudi are heading the committee.
During the meeting a joint cryptocurrency was introduced and this will be the first of its kind between Saudi-Emirati. This cryptocurrency will be used to learn the effect on financial policies.
A total of seven joint initiatives was discussed like Authorised Economic Operator, Financial Awareness Programme for Children, cryptocurrency and others between the two countries.
The local news report mentions that,
The cross-border digital currency will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of Blockchain technology and facilitating cross-border payments.
Thus this shows cryptocurrency adoption is developing in the middle east. But last time we had seen Saudi Arabia government have warned the citizen of the country that Bitcoin trading is illegal.
But today this move shows a positive side of the decision to develop a cryptocurrency and use it. So we have to wait to see how the cryptocurrency adoption develops further between these two countries.
Let us know what you think about the new cryptocurrency plan of Saudi and UAE in the comment below.
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