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Saudi Arabia and UAE Cross-Border Cryptocurrency Still on Track

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In a recent post by Emirates News Agency, the Saudi-Emirati powerhouse announced furtherance of its alliance objectives to develop 7 joint initiatives in vital sectors of their economy, including the emerging cryptocurrency sector.

The Executive Committee of its “Strategy of Resolve” vision headed by Mohammad bin Abdullah Al Gergawi — Minister of Cabinet Affairs and The Future, from the UAE side, and Mohammed bin Mazyad Altwaijri — Minister of Economy and Planning, from the Saudi side, held its first meeting in Abu Dhabi on 19 January with 16 of its members present from both sides.

One of the seven initiatives that were announced during the meeting included a Saudi-Emirati pilot cryptocurrency project. According to the news outlet, the cross-border cryptocurrency will be designed for inter-bank relations from both countries during the experimental phase of the project.

The report reads: “It seeks to safeguard customer interests, set technology standards and assess cybersecurity risks,” as the major objectives of the system while it evaluates the “impact of a central currency on monetary policies.”

Talks about a cross-border cryptocurrency had been in the works since late last year when Saudi Arabia announced that the product will be made available this year. At the time, it was disclosed that the project had entered into the design phase.

The Arabian community continues to show its optimism towards a future with cryptocurrency and the adoption of blockchain technology. In the previous year, BitcoinNews reported on several developments within the area.

Saudi Arabia had warmed up to the uses of cryptocurrency after it had initially banned its usage on the grounds of high risk and being out of government control. Later that year, Saudi Arabia’s largest bank National Commercial Bank of Saudi Arabia (NCB) partnered with Ripplenet to use their technology and connect with other financial institutions.

UAE on the other end is working to stabilize its crypto ecosystem with ICO regulations tentative for release within the first half of this year.

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