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Saudi Arabia and UAE to Launch Official Cross-Border Cryptocurrency

The government of Saudi Arabia in collaboration with the United Arab Emirates has confirmed the imminent launch of its new and official cross-border digital currency.

Long in the Making

Earlier last year, the government of Saudi Arabia announced her intentions towards the development of an official cryptocurrency for the country but the execution time had been left vague and tentative. While the government announced that it would be collaborating with the neighbouring country, UAE, Saudi Arabia’s spokesman asserted that the country would still be keeping a close eye on the technology and monitoring how such development would benefit the country.
The official report had read:

“The Central Bank of UAE and Saudi Arabia Monetary Authorities (SAMA) intend to execute a joint crypto-currency and Distributed Ledger Proof-of-Concept (PoC). The PoC’s design mainly focuses on the transfer of ownership of a central bank asset (crypto-currency) among participants.”

The UAE Central Bank governor, Mubarak Rashid Al-Mansouri, revealed that the new cryptocurrency would not be made available to retail consumers as people believed; instead, it would be made specially for banks.

Launch Date Unknown but Imminent

According to a report by Gulf News, although the date for the launch has remained a secret and uncertain, it has been officially confirmed that the UAE’s Central Bank is finally going to issue a cross-border cryptocurrency with Sama.
UAE’s Central Bank’s governor, Al-Monsouri who had earlier said the government was still being cautious about the issuing of a national crypto coin has reiterated that the study is still going on. He admitted that the two authorities had not yet reached a decision on when the study would come to an end, and how much they would be involved respectively. He noted that the new development would be marking the first of its kind, and hopes the action would only be the beginning of other countries following suit. He said of the alliance:

“This is probably the first time that witnesses the cooperation of monetary authorities from different countries on this topic, and we hope that this achievement will foster similar collaboration in our region.”

UAE Setting an Example for Other Countries

The United Arab Emirates does not seem content with just the aesthetic beauty of their desert terrain, as shown by their admirable foray into advanced technologies and the cryptocurrency space. Just recently, it was reported the partnership of IBM with the UAE’s petroleum sector in a bid to integrate blockchain technology into its system.
The recent development only shows UAE is prepared to enter promising waters that other countries are afraid of.

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