Saudi Arabia will have its cryptocurrency in 2019
The head of the Monetary Authority of Saudi Arabia, Mohsen Al Zahrani, gave more details regarding the digital asset that will be launched next year
The head of the Monetary Authority of Saudi Arabia, Mohsen Al Zahrani, announced that next year the cryptocurrency they are preparing together with the United Arab Emirates will be launched.
The person in charge of the Monetary Authority took the opportunity to offer details about the new cryptoactive, which will be backed by the Central Bank of Saudi Arabia and with which cross-border payments can also be made with some banks.
The nation prepared a work team which is in charge of evaluating the necessary requirements for the launch of the digital currency.
The reason for Saudi Arabia decided to issue its own cryptocurrency responds to a need to adapt to changes in financial technology. For its part, the governor of the UAE central bank, Mubarak Rashed Al-Mansouri says that there are still several challenges to face in order to guarantee consumer protection.
The regulators of the financial markets of Saudi Arabia and the UAE are studying the regulatory requirements to introduce the new currency, which would serve as a means of legal and official exchange.
K. Tovar
Source: Coincrispy
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