Saudi Arabia’s Regulator Specifies Time Of New Token Launch
Saudi Arabia’s financial regulator announced the time of the launch of a new cryptocurrency, which the country creates together with the United Arab Emirates. Mohsen Al Zahrani, the head of the central bank, said that the cryptocurrency project will be prepared by mid-2019, Argaam reports.
Thus, the large oil producing states will receive a token for convenient exchange of funds across the border. The new cryptocurrency provided by the main bank of Saudi Arabia will be initially intended for operations in a narrow circle of Arab banks. But later, the authorities will consider the possibility of introducing cryptocurrency services in all financial institutions of the states.
As the head of the UAE’s central bank, Mubarak Al-Mansouri, said, the token has only recently advanced to the development stage. The exact date of the new cryptocurrency launch depends on how quickly the necessary research will end, the official clarified.
This initiative demonstrates that the Saudi Arabia’s authorities have radically changed their attitude towards the digital assets industry. Back in August 2018, the officials of the Arab Kingdom called cryptocurrencies illegal and denied companies the permission to use such a financial instrument and conduct transactions with it.
At the same time, the UAE is more friendly towards cryptocurrencies and blockchain technologies. In October 2018, Dubai announced its intention to become the first city with an infrastructure for crypto payments. So, the authorities will install there 100,000 terminals for the national emCash token, with which everyone will be able to pay for any goods and services in the city.
As previously reported, the UAE Stock Exchange will draw up rules for the release of cryptocurrencies.