Arab Emirates and Saudi Arabia launched cryptocurrency pilot program
The Saudi-Emirati digital asset will help to better understand the use of blockchain technology
The two countries with the highest sovereign wealth in the world, the United Arab Emirates and Saudi Arabia launched a pilot program related to cryptocurrencies.
According to the agency Emirates News Agency, the Saudi-Emirati cryptocurrency is one of seven initiatives that both countries will implement soon.
This new digital asset will serve as an experiment to better understand the uses of blockchain technology, as well as facilitating border payments between central and local banks.
“The virtual currency is based on the use of a database distributed among central banks and participating banks on both sides, seeking to protect the interests of customers, establish technology standards and assess cybersecurity risks,” the statement explains.
Before being announced this measure was widely studied by the financial institutions of both countries.
K. Tovar
Source: Criptomonedaseico
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