THE UAE AND SAUDI ARABIA ANNOUNCED THE CREATION OF A NEW CRYPTOCURRENCY
The United Arab Emirates and Saudi Arabia announced the signing of a cooperation agreement to create a cryptocurrency, the official news Agency of the UAE Emirate News Agency reported on January 19th.
According to the official report, the Executive Committee of the Council, consisting of 16 representatives of the UAE and Saudi Arabia, held a meeting in Abu Dhabi to discuss the joint initiative within the framework of strategic cooperation.
In addition to developing a digital currency for cross-border trade, the countries intend to cooperate on 6 more programs, including programs in the field of civil aviation and the development of financial literacy among young people.
It is reported that the new cryptocurrency “will be strictly aimed at banks in the experimental phase, in order to improve understanding of the consequences of the introduction of blockchain technology and facilitation of cross-border payments.”
Ultimately, in the framework of the joint program, the parties shall endeavor to protect the interests of final consumers, establish standards for the use of technology and to consider the risks on cybersecurity to determine the effect of such currency on monetary policy, according to the Emirate News Agency.
