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UAE And Saudi Arabia To Launch Project On Joint Cryptocurrency

13:19 21/01/2019
Saudi Arabia And UAE To Develop Joint Cryptocurrency

A meeting of representatives of the governments of the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE) during which a number of projects were announced, including the creation of cryptocurrency for making cross-border payments, was held in Abu Dhabi, Emirate News Agency reports.


At the initial stage, the pilot project provides that only banking institutions will operate cryptocurrency for international monetary transactions. During the experiment stage, the parties will be able to better understand the peculiarities of blockchain.


The publication stresses that the joint project will help examine the impact of the new digital asset on the financial sphere of both countries. The main focus is on consumers' rights protection, cyber security issues, and the development of technology standards.


In general, the joint development strategy of both countries includes the implementation of different initiatives in the economic, social sphere, and in matters of military integration. Apart from crypto, it is planned to initiate projects in the field of aviation, tourism, business, customs, and others.


The KSA and the UAE are leading not only among the countries of the Middle East but also in the world. According to the World Bank, both countries are ranked eighth in the world in terms of exports of goods and services, and joint oil reserves account for about a quarter of the world total.


Earlier, IBM launched a pilot project for the supply of petroleum products on blockchain with the Abu Dhabi National Oil Company in the UAE.

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