SAUDI ARABIA WILL RELEASE ITS OWN CRYPTOCURRENCY IN 2019

Saudi Arabia will release its own cryptocurrency for interbank transactions in 2019, together with the United Arab Emirates, said the head of the Department of innovation of the financial regulator of the Kingdom of SAMA, Mohsen al Zahrani.

For the first time about its own cryptocurrency wrote the publication Saudi Press Agency, which explains that the cryptocurrency will be used as a mechanism for the implementation of interbank payments and it will be available only to banks.

Head of the Central Bank of the UAE Mubarak Al Mansouri explained:

“Digital currency will not replace cash, it will become a new payment method for banks, not for individuals”.

Al Mansori also noted that the cryptocurrency is under development: its launch is planned as soon as Saudi Arabia will complete the necessary research, which is likely to be in the middle of 2019.

Recall that in August, a special Committee consisting of various ministries’ representatives and the Central Bank of Saudi Arabia, said that the trading “unauthorized” cryptocurrencies, such as bitcoin, are illegal in the country.