The United Arab Emirates (UAE) along with Saudi Arabia have announced an agreement to cooperate on the creation of a cryptocurrency, UAE official news agency Emirate News Agency reports on Jan. 19.
According to the reportthe Executive Committee of this Saudi-Emirati Coordination Council has held a meeting in UAE capital Abu Dhabi, with 16 members in total by both nations, to Be Able to Go over the unite initiatives at the Strategy of Resolve.
The Strategy of Resolve is comprised of seven initiatives, including civil aviation, fiscal consciousness childhood instruction, and also the growth of a cross-border digital money. According to the guide, the cryptocurrency"will likely be geared for banks for an experimental stage with the goal of better understanding the consequences of blockchain technology and easing cross-border obligations ."
The combined cryptocurrency job will also find out more about the impact of a central currency on monetary policies.
The initiative allegedly attempts to protect customer attention, create standards for technology, and consider the cybersecurity risks while specifying the effects of central currencies on financial policies, including Emirate News Agency reports.
Cointelegraph reported in December last year the United Arab Emirates' central bank was collaborating with the Saudi Arabian Monetary Authority to issue some cryptocurrency approved in cross-border trades between the two nations.
During the exact same month, Cointelegraph reported the United Arab Emirates is seeking to combine the list of top destinations for blockchain-related companies in 2019 due to its brand new crypto legislation.