UAE, Saudi Arabia cooperate on digital currency to speed up transactions

The United Arab Emirates and Saudi Arabia have started using a digital currency

Last updated: December 12, 2018 | 11:20

1 MIN READ

At a certain point, members of the Gulf Cooperation Council (GCC) were in negotiations to introduce a single currency. Even though not much was disclosed on its launch date or the exchange rate at which it would be set, there’s no doubt that if taken forward, it wouldn’t have been an easy feat.

File

Also In This Package

UAE, Saudi working on a joint crypto-currency

Why does UAE want to use blockchain?

Abu Dhabi: UAE Central Bank governor Mubarak Rashid Al Mansouri said on Wednesday that it has started working with Saudi Arabia on a digital currency to speed up financial transactions between the two countries.

“Central Bank of the UAE in cooperation with Saudi Arabian Monetary Authority (SAMA) is working on a unique project based on blockchain technology to issue digital currency to facilitate trans-border settlement,” said Al Mansouri while speaking at Arab Fintex symposium that began on Wednesday in Abu Dhabi.

“We use digital currency that is supported by real currency in both countries. This might be the first time that we witness such cooperation in this field at the level of policies and implementation.”

He also added, “We hope this initiative will encourage similar cooperation at the level of GCC countries and world at large.”

The comments come as Saudi Arabia and the UAE cooperate in a big way in different fields including energy, finance and other sectors to boost ties between the two countries.

Apart from the governor of the central bank of the UAE, a number of financial experts are attending the two day financial forum.

Get the latest news and updates straight to your inbox