UAE and Saudi Arabia will launch cryptocurrency for inter-bank transactions
The United Arab Emirates works jointly with the Monetary Authority of Saudi Arabia in the issuance of a cryptocurrency for transactions between both countries
In order to achieve a tool for cross-border transactions, the United Arab Emirates (UAE) and Saudi Arabia are currently working in a cryptographic currency.
According to Dubai-based GulfNews, negotiations are taking place between the Emirates’ central bank and the Saudi Arabian Monetary Authority. The two organizations analyze the regulatory framework in full study phase of the project.
The governor of the UAE Central Bank, Mubarak Rashed Al Mansouri, said: “This is probably the first time that we observe the cooperation of monetary authorities from different countries on this issue and we hope that this achievement will encourage similar collaboration in our region.”
The creation of the cryptocurrency for cross-border payments is in the study phase, but is expected to be used only among banks to optimize their efficiency. Al Mansouri said that regulators are a key piece in terms of risks and ways to combat them.
It is worth remembering that last October, Dubai financial authorities indicated that they would soon launch a digital currency backed by the government, which will have its own payment system. Once it is launched citizens can use it for the payment of goods and services.
M.Pino
Source: Cointelegraph
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