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United Arab Emirates and Saudi Arabia Collaborate on New Cryptocurrency

The United Arab Emirates and Saudi Arabia announced an agreement to cooperate on the creation of a cryptocurrency.

The United Arab Emirates (UAE) andย Saudi Arabiaย have announced an agreement to cooperate on the creation of aย cryptocurrency, UAE official news agency Emirate News Agencyย reportsย on Jan. 19.

According to the report, the Executive Committee of the Saudi-Emirati Coordination Council has held a meeting in UAE capital Abu Dhabi, with 16 members in total from both countries, in order to discuss the join initiatives in the Strategy of Resolve.

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The Strategy of Resolve is comprised of seven initiatives, including civil aviation, financial awareness youth training, and the development of a cross-border digital currency. According to the article, the cryptocurrency โ€œwill be strictly targeted forย banksย at an experimental phase with the aim of better understanding the implications ofย blockchainย technology and facilitating cross-border payments.โ€

The joint cryptocurrency project will also research the effect of a central currency on financial policies.

The initiative reportedly seeks to protect customer interest, create standards for technology, and consider the cybersecurity risks while determining the impact of central currencies on monetary policies, Emirate News Agency reports.

Cointelegraphย reportedย in December last year that the United Arab Emiratesโ€™ central bank was collaborating with the Saudi Arabian Monetary Authority to issue a cryptocurrency accepted in cross-border transactions between the two countries.

During the same month, Cointelegraphย reportedย that the United Arab Emirates is looking to join the list of leading destinations for blockchain-related businesses in 2019 due to its new crypto legislation.

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