Saudi Arabia and the United Arab Emirates will create a joint cryptocurrency. Reports about it Emirate News Agency.
According to the publication, such an initiative was approved by state representatives at a meeting of the committee of the coordinating council of the UAE and Saudi Arabia in Abu Dhabi.
In addition, decisions were taken on the joint actions of countries in civil aviation and citizens' financial education.
A new cryptocurrency is created as a tool for cross-border payments and will be used strictly in the banking sector at first. This will allow to evaluate the potential of the blockchain technology in international and domestic financial transactions.
In addition, during the test period of using cryptocurrency at the state level, it is planned to draw concrete conclusions in the context of the impact of such a financial asset on the economic policies of the two partner countries.
A separate direction in the development and implementation of cryptocurrency will be issues of cybersecurity in its use and protect the interests of consumers of this kind of product.
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