UAE and Saudi Arabia Announce New Cryptocurrency Project and Strategy of Resolve

On January 19, 2019, It was officially announced that the United Arab Emirates and Saudi Arabia would be joining forces to create and launch a new Cryptocurrency.

Before the announcement was made, 16 representative members of both countries met with the Executive Committee of the Saudi-Emirati Coordination Council in Abu Dhabi to discuss the project and agree on the Strategy of Resolves.

The Strategy focuses on 7 initiatives which include aviation, financial awareness youth training, and the development of a cross-border digital currency. The digital currency will, according to the announcement, be geared towards banks and “will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of blockchain technology and facilitating cross-border payments.”

The Project

As mentioned, one of the focuses of the project is to explore the implications of blockchain technology. The Middle East has been enthusiastic about embracing blockchain in the last few years, with the National Bank of Kuwait even partnering with Ripple to help ease interbank transfers.

There have been rumors of the UAE, in particular, embracing mass blockchain adoption in the next few years. This collaboration could be seen as them dipping their toes into the water before making the plunge.

The use of blockchain for cross-border transactions was also mentioned and for good reason. Cross-border transactions are notorious for being slow and expensive to conduct. However, blockchain-based payment platforms have been progressively finding ways to transfer large funds in a shorter time and for lower transaction fees.

Should the nation be able to harness this advantage, it could become a new world banking standard.

Encouraging New Business

This is only the latest in a number of announcements regarding the progress of blockchain and cryptocurrency in the Middle East.

Back in December, it was reported that the UAE was actively trying to become a global hub for the blockchain and cryptocurrency industry, following the path of Malta, which is regularly referred to as ‘Blockchain Island

Just some weeks before that, the collaboration between the UAE and Saudi Arabia for a Cryptocurrency Project was first spoken about officially.

“This is probably the first time ever 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,” said Mubarak Rashed Al Mansouri, the governor of the UAE’s central bank.

Should this collaboration be successful, more counties could potentially follow suit.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Deregulating Bitcoin May Increase Speculative Trading Instead of Technical Innovation: Japan’s New Top Financial Regulator

Ryozo Himino, the new top financial regulator of Japan, wants the country to take caution over promoting digital assets, arguing that instead of promoting...

Goldman Sachs New Digital Asset Manager Reveals Plans to Bring A ‘Digital Token' to the Bank

U.S. financial giant Goldman Sachs is pushing forward its plans to launch a digital asset with the appointment of its new digital asset...

Grayscale Ethereum Trust Files with SEC to Halve the ETHE Locking Period Same as GBTC

Grayscale Investments has publicly filed a registration statement on Form 10 with the US Securities and Exchange Commission (SEC) on behalf of its Ethereum...

Florida Teenager Behind the Infamous Crypto Twitter Hack Pleads Not Guilty to 30 Counts of Fraud

Graham Ivan Clark, the 17-year old Florida teenager accused of being the main culprit of the most significant privacy breach in Twitter’s history, has...

Bitmain’s Management Feud Is Finally Affecting Business Operations; AntMiners Shipments Delayed

Bitmain’s top-level struggles cause a three-month delay in Antminer hardware. Two mutually exclusive solutions offered to customers. The constant wrangling within the largest Bitcoin...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today