Saudia Arabia and UAE Financial Institutions to Implement Cross-Border Digital Asset

It has been confirmed that the Saudia Arabian and UAE governments will be working on a cross-border cryptocurrency. The launch date has not been confirmed as of yet, but it is known that the cryptocurrency will only be targeted for use by central banks. The central banks of UAE and Saudi Arabia will jointly issue a cross-border cryptocurrency that will be used by and between both countries. Talks about this have been swirling and in the past, the UAE Central Bank’s governor, Mubarak Rashid Al-Mansouri had released a statement that the bank was still looking into the technology needed to create the digital currency. He also informed that this will strictly be used by the Central Banks of both countries and would not be available to the public for retail sale. Stay tuned on a launch date!

One Reply to “Saudia Arabia and UAE Financial Institutions to Implement Cross-Border Digital Asset”

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